Saudi stocks lose ground as economic slowdown fears increase: closing bell

Saudi stocks lose ground as economic slowdown fears increase: closing bell
The main index, TASI, lost 2.18 percent to 12,053, while the parallel market, Nomu, edged down 1.27 percent to 21,461. (Shutterstock)
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Updated 13 June 2022

Saudi stocks lose ground as economic slowdown fears increase: closing bell

Saudi stocks lose ground as economic slowdown fears increase: closing bell

RIYADH: Saudi stocks dipped in Monday's trading session as investors fretted about a possible global economic slowdown.

The main index, TASI, lost 2.18 percent to 12,053, while the parallel market, Nomu, edged down 1.27 percent to 21,461.

Arab Sea Information System Co. led the fallers list with a 9.96 percent drop, followed by Saudi Advanced Industries Co. with a 9.76 percent drop.

Shares of telecom giant stc lost 3.74 percent as its board proposed a SR30 billion ($8 billion) capital hike through granting bonus shares.

Bupa Arabia for Cooperative Insurance Co. gained 1.63 percent to lead the gainers, after its board recommended increasing capital to SR1.5 billion to support future growth plans.

In the list of gainers, Batic Investments and Logistics Co. ranked second and Tourism Enterprise Co. ranked third, gaining 1.32 percent and 0.93 percent, respectively.

Shares of Saudi Aramco, the largest player on the Saudi oil market, managed to recover early losses to end the day up 0.51 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi shed 2.04 percent, while Alinma Bank added 0.57 percent.

In energy trading, Brent crude reached $120.57 a barrel and US West Texas Intermediate traded at $119.06 a barrel as of 3:29 p.m. Saudi time.


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

Here’s what you need to know before Tadawul trading on Thursday 
Updated 13 sec ago

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

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

RIYADH: Saudi stocks ended higher for a third straight day on Wednesday, thanks to strong earnings results from most listed companies.

TASI, the main index, gained 0.8 percent to close at 12,431 and the parallel Nomu market edged 0.13 percent higher to 22,227.

Most Gulf peers advanced in line with Saudi Arabia, led by a 0.8 percent gain for Abu Dhabi’s bourse.

Dubai, Oman, and Qatar added 0.3, 0.1, and 0.4 percent, respectively, while Bahrain and Kuwait were down 1 percent and 0.2 percent, respectively.

Elsewhere in the Middle East, Egypt’s EGX30 exited the session almost flat.

In energy trading, Brent crude was priced at $97.31 a barrel by 9:16 a.m. Saudi time on Thursday, while US West Texas Intermediate traded at $91.79 a barrel.

Stock news

ACWA Power Co. said that operations at Umm Al Quwain IWP were launched, with a production capacity of 682,000 cubic meters per day of desalinated potable water

ACWA Power recorded a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022

Savola Group entered an SR459 million agreement to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited to Taiba Investment Co.

Astra Industrial Group reported a 202 percent profit surge to SR318 million for the first half of 2022

Saudi Co. for Hardware turned into losses of SR19 million during the first half of 2022. The company also appointed Sameer Alhamidi as vice chairman of the board effective Aug. 11

Saudi Vitrified Clay Pipes Co.'s net losses widened by 661 percent to SR9 million during the first half of 2022

Eastern Province Cement Co. posted a 41 percent profit drop to SR72 million

Walaa Cooperative Insurance Co. got the Capital Market Authority’s approval to increase its capital to SR850 million for the merger with SABB Takaful

Saudi Arabian Mining Co. announced that Mansourah & Massarah gold mine plant is near completion, adding that pre-commissioning activities started

Saudi Industrial Services Co.’s profit dropped 93 percent during the first half of 2022 to SR3.9 million

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription

August 15, 2022

Naqi Water Co. will start trading its shares on the Saudi Exchange’s main market

 


PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 18 min 16 sec ago

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has posted a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022, a bourse filing revealed.


Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO
Updated 30 min 22 sec ago

Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO

RIYADH: Naqi Water Co. will start trading its shares on Saudi Arabia’s stock market on Aug. 15, after attracting huge demand during the initial public offering, according to a bourse filing.

The Saudi-based water producer generated SR560 million ($150 million) worth of subscriptions as it offered 600,000 shares to retail subscribers.

Prior to that, the final offer price was set at the top end of an indicated range of SR69, following a strong bidding period.

Naqi Water will float a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.


Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m
Updated 45 min 6 sec ago

Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m

RIYADH: Savola Group has entered into an SR459-million ($122 million) agreement to sell its stake in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited.

This move came in light of Salove’s strategy of focusing on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses, the group said in a bourse filing.

Knowledge Economic City is owned by Savola Group directly and indirectly at an approximate share of 11.47 percent.

Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56.


Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
Updated 11 August 2022

Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
  • The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries

Jordan and Qatar have lifted all restrictions on the capacity and number of passenger and cargo flights operating between the two countries, the Jordan News Agency (Petra) reported on Wednesday. 

Chief Commissioner and CEO of the Jordan Civil Aviation Regulatory Commission (CARC) Haitham Misto and the President of Qatar Civil Aviation Authority (QCAA) signed a Memorandum of Understanding (MoU) to fully resume direct air transport between the two countries. 

The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries, Petra said. 

The move is also in line with Jordan’s gradual liberalization policy of air transport under the National Air Transport Strategy, according to Petra.