RIYADH: Saudi Arabia’s stock market slipped on Sunday in response to a drop in oil prices in the previous trading session.
At the closing bell, the main index, TASI, shed 0.06 percent to 13,082 points, while the parallel market, Nomu, dropped 0.61 percent to 24,857.
Even as all GCC bourses recorded losses, Bahrain’s BAX bucked the trend, ending the session 0.5 percent higher.
Stock exchanges in Qatar, Oman, and Kuwait were down, with the Omani index witnessing the biggest drop of 1.9 percent.
Apart from the Gulf, Egypt’s blue-chip index EGX30 soared 2.9 percent.
Oil prices recovered in early Monday trading, with Brent crude and US WTI both adding 1 percent to $105.5 and $100.32 a barrel, respectively, at 9:13 a.m. Saudi time.
Stock news
ACWA Power Co. received the go-ahead to proceed with an engineering, procurement, and construction contract worth $900 million for PIF’s NEOM project
Arabian Internet and Telecommunication Co., better known as solutions by stc, inked a binding offer to acquire 89.5 percent in Egypt-based Giza Systems Co. as well as 34 percent in subsidiary Giza Arabia for $158 million
Saudi Ceramic Co. appointed Yousuf bin Saleh Aba Al-Khail as board chairman and AbdulAziz Abdulkarim Al-Akhuraiji as vice chairman of the board for a three-year term
National Life & General Insurance Co. bought a 50 percent stake in Royal & Sun Alliance Middle East, a major shareholder in Al Alamiya for Cooperative Insurance. The remaining stake will be exchanged into NLGIC shares
The board of Al Jouf Cement proposed a capital reduction of 24 percent to SR1.087 billion ($290 million), then a capital increase through a rights issue to SR1.39 billion to pay off financial duties
Zahrat Al Waha for Trading Co. renewed a Shariah-compliant loan worth SR116 million from the Saudi Investment Bank to finance capital expansion
Derayah REIT’s unitholders are set to receive cash dividends of SR0.18 per unit for the first quarter of 2022