RIYADH: Saudi stocks dipped on Tuesday, as oil prices lost over $7 a barrel on inflation-driven fears over a potential global recession and fuel demand.
The Kingdom’s main index TASI ended 0.6 percent lower at 12,455, while the parallel market Nomu advanced 0.4 percent to 21,595.
In Dubai and Bahrain, the DFMGI and BAX indexes added 0.8 percent and 0.1 percent, respectively.
Qatar, Oman, and Kuwait edged slightly lower, while the Abu Dhabi bourse finished almost flat.
Outside the Gulf, the Egyptian index EGX30 inched up by 0.1 percent following two sessions in the red.
Oil prices partially reversed Tuesday’s losses as Brent crude gained 0.9 percent to $100.21 a barrel, and US West Texas Intermediate traded at $92.5 a barrel by 9:06 a.m. Saudi time on Wednesday.
Stock news
Saudi Telecom Co.’s shareholders approved a 150 percent capital increase to SR50 billion ($13 billion)
Arabian Food and Dairy Factories Co. will payout a quarterly cash dividend of SR0.775 per share, despite turning to losses of SR198,825 in the first half of 2022
Theeb Rent a Car Co. will distribute SR0.5 per share in cash dividends for the second quarter of 2022
Almasane Alkobra Mining Co. received four exploration licenses for copper and gold from the Ministry of Industry and Mineral Resources
Calendar
September 11, 2022
Start of Arabian Plastic Industrial Co.’s IPO book-building
September 13, 2022
End of Arabian Plastic Industrial Co.’s IPO book-building