RIYADH: Saudi Arabia’s stock market fell to close the previous week lower as investor sentiment was dragged down by concerns over an economic slowdown and recession.
TASI lost 1.3 percent on Thursday to end at 12,605 points, while the parallel market, Nomu, was down 0.2 percent to 22,844.
Stock exchanges in the Gulf all declined in line with Saudi Arabia, while Oman bucked the trend with a slight gain of 0.1 percent.
Elsewhere in the Middle East, the Egyptian index dropped 0.8 percent.
Dubai and Abu Dhabi edged down on Friday, even as Borouge surged 22 percent on its market debut after raising $2 billion in Abu Dhabi’s biggest-ever initial public offering.
Oil prices settled higher on Friday as OPEC+ agreed to raise production targets by 648,000 barrels per day in July and August.
Brent crude reached $119.72 a barrel, and US West Texas Intermediate ended the week at $118.87 a barrel.
ACWA Power Co. closed a deal worth SR401 million ($107 million) with Saudi Power Procurement Co. to develop, construct, and operate a plant located in Riyadh
ACWA Power Co. announced the start of phase 2 operations at its $1.1 billion independent water and power plant located at Al Dur in Bahrain
Arabian Internet and Telecommunication Co., also known as solutions by stc, said it signed a sales and purchase deal to buy a controlling stake in Egypt's Giza Systems Co. for $158 million
Anaam International Holding Group’s rights issue was 87 percent subscribed, generating a total of SR183 million
Al Wasail Industrial Co. purchased a SR4.8 million factory in the industrial area of Ras Al Khaimah to produce its plastic products at a capacity of 21,000 tons annually
Enma Al Rawabi Co. announced the death of its chairman Abdullah bin Ibrahim Al Mousa, adding that updates regarding the appointment of a replacement will be announced later
Riyadh Development Co.’s shareholders requested to vote on the distribution of SR0.5 per share in the upcoming general assembly
National Building and Marketing Co.’s unit Ajeej Steel began commercial operations at a plant with a production capacity of 100,000 tons annually
Jadwa Investment Co. signed an agreement with Emaar Al Diyafa Hotels Co. to manage and operate Tharawat Al Taqwa Hotel in Makkah
Health Awqaf Fund got the Capital Market Authority’s approval for a public offering
Saudi Batic Investment and Logistics Co. terminated the memorandum of understanding to fully acquire Afkar Logistics Co.
Al-Etihad Cooperative Insurance Co.’s capital increase to SR450 million through a bonus issue was approved by the Kingdom’s CMA
Saudi Cable Co.’s board proposed reducing the company’s capital then increasing it to SR466 million through a rights issue
Alkhorayef Water and Power Technologies Co. obtained a Shariah-compliant loan worth SR315 million to finance projects aimed at improving water networks in Dammam
United Wire Factories Co. extended its initial agreement to acquire an ownership stake in Themar for Food and Catering Co. for an additional 30 days
June 5, 2022
Start of Retal Urban Development Co.’s IPO retail subscription
June 6, 2022
End of Saudi Real Estate Co.’s rights trading
End of Retal Urban Development Co.’s IPO retail subscription
June 9, 2022
Close of Saudi Real Estate Co.’s new shares subscription