RIYADH: Saudi Arabia’s main index declined on par with major Gulf markets in the first session of the week, amid cautious investor sentiment ahead of domestic inflation data and the Federal Reserve’s interest rate announcement.
The Tadawul All Share Index shed 2.18 percent to end Sunday at 11,572, while the parallel market Nomu slipped 1.62 percent at 20,585.
Qatar index was down 1.2 percent, followed by Oman and Kuwait indexes, both of which decreased by 0.3 percent, however, Bahrain Index ended flat amid inflation concerns and economic slowdowns.
Outside the Gulf, the Egyptian Index dropped 3.1 percent, the biggest single-day decline in two-and-a-half months.
In energy trading, Brent crude slipped in the early hours of Monday to reach $91.24 a barrel, while US West Texas Intermediate traded at $84.83 a barrel, as of 9:12 a.m. Saudi time.
Stock news
Saudi Aramco Total Refining & Petrochemical Co. named Abdullah Al-Suwailem as its president and CEO, replacing Sulaiman Ababtain on Sep. 1.
Al Rajhi Bank obtained the Saudi Central Bank’s approval to complete the process of increasing its stake in Al Rajhi Co. for Cooperative Insurance to 35 percent.
Jazan Energy and Development Co. appointed Mohammed Al-Resheid as CEO, effective on Nov. 1, 2022.
East Pipes Integrated Co. for Industry is seeking votes from its shareholders to increase its capital by 50 percent to SR315 million ($84 million) through the issuance of bonus shares.
Abdulmohsen Alhokair Group for Tourism and Development received the CMA approval to reduce its capital from SR650 million to SR315 million.
Watani Iron Steel Co. announced the renewal and amendment of a banking facility agreement with Bank Albilad to finance working capital
Al-Saqr Cooperative Insurance Co. named Majid Abdullah Al-Seri chairman and Abdul Mohsen Nafez Jaberas vice chairman.
Arabian Plastic industrial Co. set its offering price for a direct listing on Saudi Arabia’s parallel stock market at SR27 per share.
Calendar
September 22, 2022
Tadawul will be closed for the Saudi National Day