RIYADH: Saudi Arabia’s stock market retreated on Monday, as weak earnings disclosures weighed on investor sentiment.
The main TASI index shed 1.8 percent to close at 12,914, and the parallel market, Nomu, lost 1.3 percent to 22,540.
Stock exchanges of Qatar, Egypt, Bahrain, and Kuwait all recorded losses in line with Saudi Arabia, while Oman’s MSX30 was up 0.3 percent.
Oil prices crossed $113 on hopes that the ease of China‘s lockdowns restrictions will lead to demand recovery.
Brent crude is now trading at $114.21 a barrel, while US benchmark WTI crude reached $113.94 a barrel as of 9:23 a.m. Saudi time on Tuesday.
Profits of Saudia Dairy and Foodstuff Co. went down by 20 percent in the year ended March 31, reaching SR209 million ($55 million)
Saudi Cable Co. was suspended from trading due to its failure to announce its annual financial results
Alinma Tokio Marine Co. turned into a profit of SR1.3 million in the first quarter of 2022
Hail Cement Co. swung into losses of SR6.9 million during the first quarter after it witnessed a drop in sales
Al Masane Al Kobra Mining Co.’s profits surged 21 percent last quarter to reach SR41.8 million
Saudi Industrial Services Co. saw its quarterly profits slip 97 percent from SR32 million to SR800,000 year-on-year
City Cement Co. posted a profit decline of 74 percent to SR17 million for the first quarter
Savola Group got its shareholders’ approval to distribute cash dividends of SR0.2 per share for 2021
Al Alamiya for Cooperative Insurance Co. turned into losses of SR20 million in the first three months of 2022
Watani Iron Steel Co. secured a loan valued at SR20 million to finance working capital
Wataniya Insurance Co.’s losses widened by 30 percent to SR24 million in the first quarter
Alkhorayef Water and Power Technologies Co. partnered with National Water Co. in a SR141 million deal for the construction of sewage networks in Taif city
Savola Group recorded a profit increase of 76 percent to SR271 million last quarter
Dur Hospitality Co. posted a 582 percent profit surge to SR12.8 million for the first quarter of 2022 on the back of the pandemic recovery
Astra Industrial Group’s profits surged 48 percent to SR74.7 million in the first quarter, buoyed by sales growth
AL-Jouf Cement Co. has appointed Wasatah Capital to advise on the potential capital increase through a rights issue process
Theeb Rent a Car Co. has opened a new branch in the east of Riyadh as part of its expansion plan, bringing its total number of branches to 53
May 22, 2022
Start of Amwaj International Co.’s IPO subscription
Start of Ladun Investment Co.’s IPO subscription
May 25, 2022
End of Amwaj International Co.’s IPO subscription
May 26, 2022
End of Ladun Investment Co.’s IPO subscription