Here’s what you need to know before opening bell on Tadawul

Here’s what you need to know before opening bell on Tadawul
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Updated 24 January 2022

Here’s what you need to know before opening bell on Tadawul

Here’s what you need to know before opening bell on Tadawul

RIYADH: Saudi stocks fell on Sunday as weak earnings data weighed on investor sentiment and losses hit some of the Kingdom’s major stocks.

TASI dropped 1.2 percent, snapping its ten-day winning streak, to close at 12,140 points, and the parallel Nomu market slipped 1.4 percent, reaching 25,707 points.

In line with Saudi Arabia, most GCC bourses were down on Sunday, except for Bahrain’s BAX which edged up by 0.1 percent.

Stock exchanges of Qatar, Oman, and Kuwait all registered losses between 0.2 and 0.3 percent.

Elsewhere in the Middle East, the Egyptian index EGX30 closed 0.6 percent lower.

In energy trading, Brent crude oil reached $88.7 per barrel, and US benchmark WTI crude oil was up to $85.8 per barrel as of 8:49 a.m. Saudi time.

Stock news

  • Saudi Real Estate Co., also known as Alakria, has completed the purchase of raw land in Riyadh worth SR727 million ($194 million)
  • Arabian Centres Co. is to distribute cash dividends at SR0.75 per share for the first have of the fiscal year ending Sept. 30, 2021
  • The National Co. for Glass Industries, known as Zoujaj, has signed an initial agreement with the Saudi Investment Recycling Co. to establish a JV specialized in producing raw material for glass manufacturing
  • Etihad Atheeb Telecom Co. got its board’s approval to decrease capital by 61 percent to amortize accumulated losses
  • Riyadh-based Saudi Public Transport Co., also known as SAPTCO, has signed a SR150 million deal for a public bus transport project in the Eastern Province
  • Logistics and transportation services provider Bahri has started trial commissioning of the first floating station under its SR760 million deal with Saline Water Conversion Corp.
  • The Saudi Arabian Mining Co., or Ma’aden, has appointed Robert Wilt as its new chief executive officer
  • Al Moammar Information Systems Co. has inked SR84.5 million worth of contracts with its subsidiary Edarat Communications and Information Technology Co. for cloud hosting and data center services
  • Al Dawaa Medical Services Co. has announced its intention to debut 25.5 million shares, representing 30 percent of capital, on the main stock index TASI

Calendar

Jan. 24, 2022

  • Start of East Pipes Integrated Co.’s initial public offering subscription

Jan. 25, 2022

  • End of East Pipes Integrated Co.’s initial public offering subscription
  • Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

Jan. 27, 2022

  • End of Gas Arabian Services’ IPO book-building
  • End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

  • End of Elm Co.’s IPO book-building

 


Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI
Updated 8 sec ago

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi Arabia's crude oil exports fell by 72,000 barrels per day (bpd), or 1 percent month-on-month in March, data from the Joint Organisations Data Initiative, also known as JODI, reveal. 

Exports decreased to 7.235 million bpd from 7.307 million bpd in February. The decline is the biggest since March 2021 when exports fell 3.5 percent.

As for the volumes of crude oil output, it has continued to grow for the eleventh month in a row. The output grew by 75,000 bpd in March to 10.300 million bpd. Production rose by 0.7 percent from 10.225 million bpd in February. 


Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban
Updated 14 min 40 sec ago

Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban

Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

The price — which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine — jumped to 435 euros ($453) per ton as the European market opened.
 


Shares in Saudi Tadawul gain despite a decline in profits

Shares in Saudi Tadawul gain despite a decline in profits
Updated 29 min 3 sec ago

Shares in Saudi Tadawul gain despite a decline in profits

Shares in Saudi Tadawul gain despite a decline in profits

RIYADH: Saudi Tadawul Group’s stock gained in the afternoon trading session on Monday, despite the company posting lower first-quarter profit yesterday.

As of 2:04 p.m. Saudi time, the Kingdom’s bourse operator had seen its shares rise 3.15 percent to SR209.80 ($56), up from SR203.2 at the previous close.

The company reported lower profits yesterday, dropping 21 percent to SR141 million in the first quarter, from SR180 million for the same quarter last year.


Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities
Updated 52 min 55 sec ago

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

RIYADH: The Central Bank of Bahrain’s monthly issue of Sukuk Al-Salam Islamic security has been oversubscribed by 184 percent. 

In total, it received subscriptions worth $209 million for the $114-million issue, which matures in 91 days, the central bank stated in a statement.

The Sukuk is expected to give a return of 2.30 percent on maturity on August 17, against its previous issue rate of 1.99 percent on April 13, 2022.

CBB issued the Sukuk Al-Salam on behalf of the Government of Bahrain.


Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg
Updated 54 min 6 sec ago

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

RIYADH: Calb Co., a Chinese battery supplier for electric vehicle makers, has added more banks as it plans for its Hong Kong initial public offering that could raise as much as $1.5 billion, Bloomberg reported. 

It has selected Citigroup, Credit Suisse Group and JPMorgan Chase & Co. as joint global coordinators for its IPO, the report said citing people familiar with the matter. 

More banks can be picked for the deal as discussions are in progress, the people added. 

Calb’s $1.5 billion IPO could be one of Hong Kong’s biggest in 2022 upon its completion, according to data compiled by Bloomberg. 

Founded in 2007, Calb operates major production bases in China and is specialized in the development, production and sales of lithium batteries for electric vehicles.