RIYADH: The Saudi stock market strengthened as investor sentiment improved amid 2022 budget surplus estimate, and a view that the coronavirus variant omicron may not be as severe as expected.
Most of the stocks in the Kingdom’s bourse edged up since Nov. 26 when omicron first hit.
Tadawul’s main index, TASI, fell 4.5 percent to 10787.79 points on the first trading day after the variant was announced.
Saudi 2022 budget surplus at SR90 billion ($24 billion) was followed by an enhanced stock market performance, with all indices ending the prior trading session in green territory.
TASI last closed at 11019.86 points, recouping 2.2 percent of its omicron-related losses.
The parallel market Nomu reached its highest value since Nov. 26 on Monday. It closed the session at 24146.34 points, up 7.9 percent from the time when omicron was labeled a “variant of concern.”
Herfy Food Services Co. decided not to distribute cash dividends for the fiscal year 2021.
The Securities Depository Center, Edaa, imposed securities quantity decrease on Tourism Enterprise Co. It was announced that the company narrowed accumulated losses to SR56.9 thousand, representing one percent of capital.
The Capital Market Authority approved Al-Baha Investment and Development Co.’s request to increase capital through a SR120 million rights issue.
Saudia is preparing to list additional units on the Saudi stock market.
Batic Investment and Logistics Co.’s SR300 million rights issue trading will end on Dec.23.
The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will end on Dec.16.