RIYADH: Saudi stocks ended their first trading session of July in red, extending losses after an 11-percent decline in June due to fears over inflation and recession.
TASI, the main benchmark index, fell 0.5 percent to 11,464 on Sunday and the parallel market, Nomu, shed 2.3 percent to 21,082.
Oman’s stock exchange declined 0.3 percent in line with Saudi Arabia.
However, the Bahraini bourse led the gains in the region as it advanced by 1.4 percent, followed by Kuwait and Qatar, up 1 and 0.7 percent, respectively.
Outside the Gulf, Egypt’s blue-chip index EGX30 lost as much as 2.4 percent.
In the oil market, Brent crude futures rose slightly to $112.16 a barrel and US West Texas Intermediate reached $108.82 a barrel by 8:59 a.m. Saudi time on Monday.
Stock news
The Saudi British Bank, or SABB, appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking
SABB’s board of directors proposed a dividend distribution of SR1.13 billion ($301 million) in total, or SR0.55 per share, for the first half of 2022
Al-Khaleej Training and Education Co. entered into a non-binding agreement to potentially acquire 51 percent of Al-Minhaj Private Schools Co.
Ayyan Investment Co. named Faisal Al-Qahtani chairman of the board and Abdul Aziz Al Shaikh vice-chairman
Wafrah for Industry and Development Co.’s rights issue was 78 percent subscribed, generating SR120 million in proceeds
Jahez International Co. for Information System Technology appointed Lulua Bakr to replace audit committee chairman Abdulwahab Al-Butairi following his resignation
Saudi Basic Industries Corp.’s health insurance contract with Bupa Arabia was renewed for one year starting July 4
Calendar
July 4, 2022
Launch of single-stock futures trading on Tadawul
July 7, 2022
Saudi Exchange will close for the Eid Al Adha holidays and resume trading on July 13