Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
TASI lost 0.8 percent to 12,235, while the parallel market Nomu added 0.15 percent to 22,363. (Shutterstock)
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Updated 24 May 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main stock market ended Monday with another steep decline, as concerns over the global economy and mixed earnings reports tempered investor optimism.

TASI lost 0.8 percent to 12,235, while the parallel market Nomu added 0.15 percent to 22,363.

Dubai’s stock market led the fall in the Gulf as it shed 2.5 percent, followed by indexes of Abu Dhabi and Kuwait, with a 2.2 and 1.5 percent decline, respectively.

Bourses of Bahrain and Oman edged lower, while Qatar’s QSI bucked the trend to close 1.4 percent higher.

Elsewhere in the Middle East, the Egyptian main index was up 0.5 percent in the previous session.

In energy trading, concerns over a possible recession and China’s COVID-19 curbs caused oil prices to drop on Tuesday.

Brent crude went down to $112.06 a barrel and US West Texas Intermediate retreated to $108.97 a barrel as of 9:06 a.m. Saudi time.

Stock news

SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., has turned in a profit of SR1.43 billion ($382 million) in the first quarter of 2022

Saudi Real Estate Co.’s losses widened by 539 percent to SR29.4 million in the first quarter despite a surge in sales

Shareholders of Etihad Etisalat Co., known as Mobily, approved the board’s proposal to pay out SR0.85 per share in dividends for 2021

Alkhaleej Training and Education Co.’s losses were trimmed by 33 percent to SR5.09 million in the first quarter of 2022

Alhokair Group saw its losses narrowing by 48 percent in the first quarter to SR31 million

National Gypsum Co.’s profit dropped by 77-percent to SR3.2 million in the first quarter

Basic Chemical Industries Co. said it will not distribute cash dividends to shareholders for 2021

Al Moammar Information Systems Co., also known as MIS, reported a 50 percent drop in quarterly profit to SR4.6 million

Shareholders of Riyadh Cement Co. approved a dividend distribution of SR0.75 for the second half of 2021

Al-Babtain Power and Telecommunication Co. posted a 43 percent profit decline to SR8.7 million in the first quarter

Allied Cooperative Insurance swung into a net loss before Zakat of SR29.6 million in the first quarter, compared to SR3.4 million in profit a year ago

National Metal and Manufacturing Co. slightly widened first-quarter losses from SR7.08 million to SR7.14 million

Raydan Food Co.’s losses were narrowed by 49 percent to SR4.7 million in the first quarter as its accumulated losses reached 48 percent of capital

Scientific & Medical Equipment House reported a 10-percent drop in first-quarter profit to SR16.8 million

Jazan Energy and Development Co. posted a 75 percent profit jump to SR3.56 million for the first quarter of 2022

Salama Cooperative Insurance Co. turned into a net loss of SR6.8 million before Zakat in the first quarter of 2022

Al Jouf Cement Co. submitted a filing to the Capital Market Authority as it seeks to cut capital by SR343 million

Saudi Arabia Refineries Co. swung into losses of SR658,446 in the first quarter of 2022

Middle East Specialized Cables Co.’s first-quarter profits dropped from SR900,000 to SR100,000 despite a 68-percent jump in sales

Amana Cooperative Insurance Co.  got approval from CMA to raise its capital by SR300 million through a rights issue

Development Works Food Co. turned into losses of SR2.26 million last quarter on the back of higher costs

Arabia Insurance Cooperative Co.’s request to raise capital by SR265 million was approved by CMA

Calendar

May 24, 2022

Naseej for Communication and Information Technology Co.’s listing on Nomu

May 25, 2022

End of Amwaj International Co.’s IPO subscription

Aqaseem Factory for Chemicals and Plastics Co.’s listing on Nomu

May 26, 2022

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription


Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 
Updated 12 sec ago

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

RIYADH: Saudi Arabia’s Abdullah Al-Othaim Markets Co. has canceled plans to sell shares of its mall business to the public, the company said in a bourse filing.

The group halted initial public offering plans for Abdullah Al Othaim Investment Co. due to concerns over valuation and market volatility.

Arab News earlier reported that the group had selected GIB Capital to manage an IPO of a 30-percent stake in the Kingdom’s stock market. 

Known as Al Othaim Malls, the firm specializes in the construction, management and operation of shopping malls, entertainment centers, restaurants and cinemas.

 


OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 
Updated 4 min 45 sec ago

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

RIYADH: Mohammad Sanusi Barkindo, secretary general for the Organization of the Petroleum Exporting Countries, will join the Atlantic Council as a distinguished fellow in the Global Energy Center.

Barkindo will take part in the Atlantic Council after the conclusion of his term at OPEC on July 31, according to a statement. 

Serving as OPEC’s secretary general for six years, Barkindo has also played a crucial role in enhancing the cooperation between OPEC and non-OPEC countries on stabilizing oil markets. 

The fellowship at the Atlantic Council comes amid an unprecedented rise in energy prices driven by geopolitical tensions, climate change impacts, and volatile markets.

“Barkindo brings a deep understanding of geopolitics in a volatile world that will further enhance the Atlantic Council’s approach to shaping solutions to global energy-security challenges,” said Frederick Kempe, president and CEO of the Atlantic Council.

The Washington-based center promotes energy security by working alongside governments, industry leaders, civil society, and public stakeholders.

Barkindo said: “I look forward to contributing to the organization’s work on a plethora of energy-related issues, at a time when the world’s eyes are focused on both short- and long-term energy market outlooks.”

 


TASI begins July in green following a dismal June: Opening bell

TASI begins July in green following a dismal June: Opening bell
Updated 44 min 56 sec ago

TASI begins July in green following a dismal June: Opening bell

TASI begins July in green following a dismal June: Opening bell

RIYADH: Saudi stocks started their first trading session of July in green, following a dismal performance in June when the market lost 11 percent.

As of Sunday’s opening bell, TASI gained 0.60 percent to reach 11,591, while the parallel market, Nomu, added 0.17 percent to 21,622, as of 10:05 a.m. Saudi time.

This was led by a 3.03 percent gain in one of the Kingdom’s biggest lenders Saudi National Bank and a 0.26 percent gain in oil giant Aramco. 

Etihad Atheeb Telecommunication Co. gained 3.37 percent to lead the gainers, while Bupa Arabia for Cooperative Insurance Co. slipped 2.51 percent to lead the fallers.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.85 percent, while Alinma Bank climbed 0.90 percent.

Al Moammar Information Systems Co. added 2.22 percent, after being awarded SR34 million ($9 million) by Saudi Co. for Comprehensive Technical and Security Control as well as SR21.9 million by King Abdulaziz City for Science and Technology.

Abdullah Al Othaim Markets Co. edged down 0.19 percent, after reporting that it canceled the initial public offering plans for its malls unit.

Oil prices closed Friday with US West Texas Intermediate crude at $108.43 per barrel and Brent crude at $111.63 per barrel.


Saudi IT firm Al Moammar secures $15m in contracts with two firms

Saudi IT firm Al Moammar secures $15m in contracts with two firms
Updated 03 July 2022

Saudi IT firm Al Moammar secures $15m in contracts with two firms

Saudi IT firm Al Moammar secures $15m in contracts with two firms

RIYADH: Saudi IT solution provider Al Moammar Information Systems Co. won an SR34.4 million ($9 million) project with the Saudi Co. for Comprehensive Technical and Security Control.

The deal, valid for 36 months, is to implement a project to raise the operational efficiency of the security firm.

The IT firm, known as MIS, was also awarded a three-year contract with King Abdulaziz City for Science and Technology worth SR21.9 million, according to a bourse filing.

In a separate announcement, MIS said its board approved the distribution of SR36 million in dividends at SR1.2 per share for the first half of 2022.


Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday
Updated 03 July 2022

Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday

RIYADH: Saudi Arabia’s stock market posted its second-largest monthly decline of the year in June, led by fears of interest rate hikes weighing on investor optimism.

TASI, as the main index is known, ended June losing 11 percent to reach 11,523 at the closing bell of Thursday’s session, while Nomu exited the month at 21,585.

Elsewhere in the Gulf, stock exchanges of Dubai, Qatar, Abu Dhabi, and Oman shed between 0.1 and 0.7 percent, while those of Bahrain and Kuwait were up 0.8 and 0.2 percent, respectively.

In energy trading, Brent crude settled at $111.63 a barrel on Friday, while US West Texas Intermediate reached $108.43 a barrel.

Stock news

The Saudi National Bank will distribute dividends of SR4.9 billion ($1.3 billion) in total to its shareholders for the first half of 2022

Saudi Industrial Development Co.’s unit Sleep High signed a deal worth SR12.7 million annually with Emmdad Logistics Services

Al Moammar Information Systems Co. won a SR34.4 million project with the Saudi Co. for Comprehensive Technical and Security Control in addition to a SR21.9 million deal with King Abdulaziz City for Science and Technology

Al Moammar Information Systems Co.’s board of directors approved the distribution of SR1.2 per share in dividends for the first half of 2022

Arabian Pipes Co. was awarded a SR60 million deal to supply oil and gas steel pipes to oil giant Aramco

International Human Resources Co. intends to proceed with a 20-percent stake initial public offering on Saudi Arabia’s parallel Nomu market

Arabian Centres Co. declared a cash dividend of SR0.75 per share for the second half of its fiscal year ended March 31, 2022

Banque Saudi Fransi signed a SR44 million contract with Allianz Saudi Fransi Cooperative Insurance Co. for credit life insurance coverage

Shareholders of ACWA Power Co. approved the recommendation to distribute a SR0.77 dividend per share for 2021

Thimar Development Holding Co.’s losses widened by 79 percent to SR11.7 million in 2021

Shareholders of Bupa Arabia for Cooperative Insurance Co. approved a dividend payout of SR4.5 per share for the fiscal year 2021

L’azurde Co. for Jewelry got its shareholders’ approval to distribute cash dividends of SR0.25 per share for 2021

Al-Alamiya for Cooperative Insurance Co. sealed a five-year bancassurance distribution agreement with Riyad Bank

Unitholders of Albilad Saudi Sovereign Sukuk ETF are set to receive SR80,808 in total as cash dividends for the month of June

Saudi Real Estate Co.’s subsidiary Tamear got its shareholders’ approval to reduce capital from SR100 million to SR34 million

Calendar

July 4, 2022

Launch of single-stock futures trading on Tadawul

July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13