RIYADH: Saudi Arabia’s stock market resumed its gains momentum on Sunday in line with a Friday rally in global stocks despite rising geopolitical tensions.
Fueled by strong earnings, the main index, TASI, rose 0.98 percent to 12,418 points. The parallel market, Nomu, gained 0.04 percent to 24,952.
In line with the Saudi index, Middle Eastern bourses, including Qatar, Egypt, and Bahrain all reversed last week’s losses, adding between 0.2 and 2.6 percent. While stock indexes of Oman and Kuwait ended flat.
In energy trading, Brent crude reached $102.5 per barrel, and US benchmark WTI traded at $96.55 per barrel as of 9:09 a.m. Saudi time.
Stock news
Emaar Economic City sealed a SR114 million ($30 million) deal with Lucid to lease an industrial plot in KAEC industrial valley
Saudi Marketing firm Tihama Advertising reduced its accumulated losses to SR16.7 million, representing 33.3 percent of the company’s capital
Arabian Cement Co. recorded a 12.6 percent decline in net profit to SR161 million in 2021 and announced its board’s proposal to distribute dividends of SR1.5 per share for the second half of 2021
Salama Cooperative Insurance announced that its accumulated losses reached 63 percent of capital
Saudi Automotive Services Co., or SASCO, liquidated 99 percent of its investment portfolio on Feb 27, which resulted in profits from selling shares of almost SR8 million
Bawan Co.’s net profit increased 88 percent to SR170 million in 2021
Saudi Arabian Amiantit Co. announced the appointment of Feras Al-Harbi as CEO after Khalil Kordi resigned
Zahrat Al Waha for Trading Co. reported a 59 percent increase in profit to $17 million in 2021.
Najran Cement Co. saw its profit drop by 17 percent to SR165 million in 2021 on falling saels
Saudi Real Estate Co., or Al Akaria, obtained a license to sell an off-plan park project in Riyadh
Salama Cooperative Insurance Co. announced that accumulated losses have reached SR158 million, representing 63 percent of capital
The board of Rabigh Refining and Petrochemical Co., known as Petro Rabigh, amended their proposal to reduce capital by 8 percent to SR8.06 billion, instead of 14 percent
Tourism Enterprise Co., or Shams, signed an initial agreement with Shuaa Capital Saudi Arabia to potentially acquire three hotels owned and managed by the latter’s funds
Calendar
Feb. 28, 2022
Scientific and Medical Equipment House Co. will list on Saudi main index TASI
March 1, 2022
Saudi Azm for Communication and Information Technology Co. will list on the parallel market Nomu
March 2, 2022
Aljouf Mineral Water Bottling Co. will debut on the parallel market Nomu