RIYADH: Saudi Arabia's stock market declined to one of its lowest levels in months last week due to concerns that rising interest rates could push the global economy into recession.
TASI, the main index, fell for a second consecutive day on Thursday to end 0.1 percent lower at 11,311 points, while the parallel Nomu market added 0.4 percent to 20,728.
Qatar led the fall in the Gulf with a 1.6 percent decline, followed by a 1.1 percent drop in Dubai’s stock index.
Stock exchanges of Abu Dhabi, Bahrain, Oman, and Kuwait all lost between 0.2 and 0.7 percent.
Outside the Gulf, Egypt’s index EGX30 closed 01.8 percent lower.
Oil prices rose on Friday, buoyed by tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.
Stock news
Mouwasat Medical Services Co. closed a SR295 million ($79 million) deal with Tareg Al-Jaafari Contracting Co. for the construction of a hospital in Yanbu industrial city
Methanol Chemicals Co. said it would pay SR273 million in total as an early loan repayment to the Saudi Industrial Development Fund and lending banks
The Saudi Stock Exchange will launch futures trading on single stocks on July 4, as its second derivatives product after introducing index futures in late 2020
Calendar
June 26, 2022
Rabigh Refining and Petrochemical Co.’s subscription to new shares ends
June 27, 2022
End of Alamar Foods’ IPO book-building
Retal Urban Development Co. will start trading its shares on TASI
June 28, 2022
End of the Saudi Investment Bank’s Sukuk offering
July 4, 2022
Start of single-stock futures trading on Tadawul
