RIYADH: Saudi stocks rose on Wednesday following five straight days of losses, boosted by news of growth in the Kingdom's gross domestic product.

Saudi GDP rose by the highest annual rate since 2015 of 3.2 percent in 2021, with a growth of 6.7 percent in the fourth quarter, according to official statistics.

TASI, the main index, surged 2 percent to 12,656 points, and the parallel market, Nomu, closed 1.19 percent higher at 24,726.

Saudi Capital Market Authority approved the initial public offerings of Abdullah Al-Othaim Investment Co. and Retal Urban Development Co. in continuation of the Kingdom’s listing wave this year.

In line with the Saudi index, all GCC stock exchanges exited Wednesday’s session higher, except for Bahrain and Oman.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 soared as high as 2.7 percent, recouping days of market downturns.

In the energy market, the possibility of a ceasefire between Russia and Ukraine prompted oil prices to drop.

Brent crude hit $99.9 a barrel, while West Texas Intermediate traded at $96.78 at 8:55 a.m. Saudi time on Thursday.

Stock news

  • PIF-owned ACWA Power Co. posted a 17-percent profit drop to SR744 million ($198 million) in its first annual results following a stellar initial public offering
  • Profits of Saudi logistics provider Bahri, a joint venture between Aramco and PIF, fell 87 percent to SR192 million in 2021 following a sharp decline in global shipping rates
  • Lazurde Co. for Jewelry made an annual profit of SR22 million after its net loss stood at SR120 million in 2020
  • The Salama Cooperative Insurance Co. requested a 60 percent reduction in capital to SR100 million.
  • Enma AlRawabi Co. registered a 5.7 percent decline in net profit to SR21 million in 2021
  • AXA Cooperative Insurance Co. board of directors recommended an annual dividend payout of SR1 per share 
  • Profits of Saudi-based Middle East Paper Co. rose 970 percent to SR220 million in 2021 as sales of the paperboard manufacturer soared. The firm’s board of directors is planning a potential full-year dividend payout of SR1 per share
  • UAE’s Etisalat made an offer to increase its stake in Saudi Arabia’s Etihad Etisalat Co., better known as Mobily, to 50 percent and one share in a bid to strengthen ties between the companies
  • CMA approved the Saudi Industrial Investment Group’s request to increase its capital from SR4.5 billion to SR7.55 billion and acquire shares in National Petrochemical Co.
  • Mouwasat Medical Services Co.’s profits went up by 9 percent year-on-year to SR578 million in 2021
  • Al Hassan Ghazi Ibrahim Shaker Co. got the CMA’s approval to reduce capital from SR630 million to SR482 million after a 248 percent jump in profits to SR27.9 million in 2021
  • Despite a drop in 2021 profits, the board of Najran Cement Co. recommended a half-year dividend payout of SR0.25 per share