RIYADH: Saudi stocks nudged higher on Wednesday in line with a rise in oil prices.
TASI the main index added 0.2 percent to close at 12,713, while the parallel Nomu market gained 0.6 percent to 22,832.
Shares of state-owned Saudi Electricity shed 8 percent after posting a drop in first-quarter profit.
In line with the Saudi index, stock exchanges of Abu Dhabi, Qatar, Bahrain, Egypt, and Kuwait all advanced in the previous session, led by a 2.1 percent gain for Kuwait’s BKP.
However, Dubai and Oman bucked the trend to close lower, down 0.9 and 0.2 percent, respectively.
Crude prices extended gains on Thursday, with Brent crude up 1.4 percent to $110.68 and US West Texas Intermediate trading 0.8 percent higher at $110.41 as of 9:13 a.m. Saudi time.
Gulf Union Alahlia Cooperative Insurance Co. managed to narrow its net loss before Zakat by 64 percent to SR20.4 million ($5.44 million)
Saudi Real Estate Co. received shareholders’ nod to raise capital to SR3.7 billion
United Cooperative Insurance Co.’s net loss before Zakat was trimmed by 26 percent to SR19.9 million last quarter
Aljazira Takaful Taawuni Co. saw its net profit drop 32 percent to SR9.4 million in the first quarter of this year
Shareholders of Alujain Holding Corp. approved a dividend payout of SR1 per share to be paid for 2022 and 2023
Al-Hammadi Co. for Development and Investment got the Capital Market Authority’s approval to increase capital to SR1.6 billion
Tabuk Cement Co. swung into losses of SR6.92 million in its first-quarter earnings as sales dropped
SABB Takaful Co. turned into losses of SR957,000 before Zakat during the first quarter of 2022
Saudi Co. for Hardware’s shareholders approved a dividend freeze for 2021 after posting a 92 percent drop in quarterly profit to SR1.11 million
MBC Group-backed advertising firm Al Arabia more than doubled profits to SR64.9 million in the first quarter of 2022
Alkhorayef Water and Power Technologies Co.’s quarterly profit fell from SR26.9 million to SR25.3 million
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