RIYADH: The Saudi stock exchange extended gains on Wednesday as investors reacted to a strong rebound in the energy market, where Brent crude oil crossed $89 per barrel.
TASI, the main index, registered gains standing at 0.6 percent, reaching 12,183 points, and the parallel market Nomu inched up by 0.5 percent to close at 25,688 points.
Elsewhere in the Middle East, bourses of Dubai, Abu Dhabi, and Bahrain edged up in line with Saudi, up 0.5, 0.1, and 0.4 percent, respectively.
The Qatari index QSI, Oman’s MSX30, Kuwait’s BKP, and the Egyptian EGX30 index all fell between 0.2 and 0.5 percent.
In early trading, Brent crude oil reached $89.6 per barrel, and US benchmark WTI crude oil rose to $86.7 per barrel as of 9:07 a.m. Saudi time.
- Saudi stock market regulator, the Capital Market Authority, has approved the listing of IT firm Saudi AZM for Communication and Information Technology on the parallel market Nomu
- The Saudi Industrial Investment Group, or SIIG, has experienced a tremendous increase in its 2021 net profit, up by 1,134.8 percent
- Saudi Kayan Petrochemical Co. turned from losses into profits of SR2.39 billion ($640 million) in 2021, buoyed by an increase in selling prices and a drop in costs
- Telecommunication firm Etihad Atheeb has reduced its accumulated losses to 12 percent of capital
- The Saudi National Bank, known as SNB, has awarded a SR215 million insurance contract to Arabian Shield Cooperative Insurance Co.
- Saudi insurer Wataniya Insurance Co. got its S&P rating revised from BBB, altering the positive outlook to stable
- National Petrochemical Co., better known as Petrochem, saw its profits surge almost fivefold in 2021, hitting SR1.4 billion
- Saudi Arabia Refineries Co. announced the retirement of its board member Ali bin Saleh Khabti effective Jan. 26, 2022
- Baazeem Trading Co. has appointed Salem Baazeem as board chairman and Fawzia Baazeem as vice chairman of the board of directors
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