15:49 Saudi Time: RIYADH: Saudi’s stock exchange recouped its Monday losses as omicron fears ease.
The main index TASI was up 0.79 percent to 11,108.2 points, while its parallel market Nomu rose 1.13 percent.
The TASI index was driven higher by Wafrah for Industry and Development Co., Saudi Advanced Industry Co., and Batic Investment and Logistics Co., which each rose by about 10 percent.
Sadr Logistics Co.'s share value also surged almost 10 percent to reach a record high of SR104.2 ($27.78).
Shares in Saudi’s biggest players Saudi Aramco, Al Rajhi Bank, and Saudi Basic Industries Corporation rose 0.14 percent, 1.46 percent, and 1.09 percent respectively.
Rabigh Refining and Petrochemical Co. was the biggest faller in the session, declining 7.08 percent.
Apart from Petro Rabigh, this session’s declines were trivial, with the second lowest-performer, Puba Arabia for Cooperative Insurance Co., down 1.46 percent.
Tadawul up in early trading; BATIC, SADR leading: Market Open
10.43 Saudi time: RIYADH: Saudi’s Tadawul is seeing gains in early trading on Tuesday with its main benchmark index TASI up 0.8 percent and the parallel market Nomu up 1.4 percent.
The biggest gainers of the session are Batic Investments and Logistics Co, Sadr Logistics Co., and Amana Cooperative Insurance Co., all up almost 10 percent.
Saudi Enaya Cooperative Co. climbed 8.3 percent.
Wafrah for Industry and Development Co. surged by 6.5 percent.
Losses were very minor, with the lowest performer, Etihad Atheeb Telecommunication Co., declining less than 1 percent.
Batic Investment and Logistics Co. announced the start date of its rights issue trading and new shares subscription period on Dec. 13. The period will end on Dec. 23.
Rabigh Refining and Petrochemical Co.’s board of directors recommended a 13.76 percent capital decrease from SR8.76 billion ($2.34 billion) to SR7.55 billion.
Al Maather REIT Fund extended its memorandum of understanding to acquire the Burjeel Hospital building in a deal worth 100 million dirhams ($27.23 million). According to a bourse filing, the deal has been extended to expire on Dec. 23, instead of Dec. 4.
Stock market trends to keep an eye on amidst volatility: Premarket
09:07 Saudi Time: RIYADH: Tadawul’s TASI and Nomu fell slightly following a three-day hike to close at 11021.07 points as clarity on COVID-19’s omicron variant risk remains lacking and cases rise.
Sadr Logistics Co. is currently trading at a record high of SR94.8 ($25.27), up nearly 44.5 percent in a week.
Saudi Electricity Co. has been the major contributor to the index’s gains lately. Its share price rose around 32 percent in the past two weeks, reaching SR37.1 in the last close.
A positive five-day performance took place in Wafrah for Industry and Development Co. where the share price jumped 30.7 percent.
The stock value of Saudi Vitrified Clay Pipes Co. surged 18.5 percent in a week.
Among stocks in the steep downtrend was Al Amana Cooperative Insurance Co. which slid 4.1 percent in the prior session, coming in second place after Banque Saudi Fransi which had the steepest fall of 2.3 percent in two days.
Saudi Aramco saw the sharpest fall in terms of market capitalization, falling SR40 billion, according to a bourse filing.
Dropping 5.7 percent in the past week, Saudi Enaya Cooperative Insurance Co. last closed at SR34.55.
Saudi Telecom Co., or stc, dragged down the Saudi index last trading session, coming on top of the lowest-performing stocks with a decline of 5.34 percent to SR110.
stc’s secondary share subscription period will be open for two days starting Dec.7 for retail tranche and is still ongoing for participating parties till Dec.9.
The price range has been set between SR100 and SR116 per share.
The Kingdom's Aramco signed a $15.5 billion gas pipeline deal with global consortium, led by BlackRock Real Assets, in an effort to align Aramco’s asset portfolio with its growth strategy.
Batic Investments and Logistics Co.’s shareholders approved to raise capital by 100 percent through a SR300 million rights issue.
Batic’s trading fluctuation limits will be based on a share price of SR24.46 as of Dec.7.
Growth Avenue Investment Co., Maharah Human Resources Co.’s subsidiary, signed an agreement to acquire an 85 percent equity stake in Alshifa Al-Arabiya Medical Co.
Ataa Educational Co. announced the appointment of Fahad bin Abdulaziz Al-Tuwaijry as the company’s chief executive officer effective Dec.14, following the resignation of Mr. Ibrahim bin Abdulkarem Al-Turki.
National Building and Marketing Co.’s subsidiary, Ajeej Steel Manufacturing Co. initiated trial operations to expand its production capacity by 40 percent annually.