RIYADH: Saudi Arabia’s stock market extended losses on Monday as recession and inflation risks continue to bother investors.
The main benchmark index TASI lost 0.9 percent to close at 11,358, hit by a 1.3-percent fall in oil giant Aramco, while the parallel market Nomu dropped 1.9 percent to 20,672.
Likewise, the stock exchanges of Abu Dhabi, Dubai, Qatar, and Kuwait all shed between 0.2 and 1.4 percent.
Bahrain and Oman bucked the downward trend to close 0.5 and 0.2 percent higher, respectively.
Apart from the Gulf, Egypt’s blue-chip index EGX30 continued its losing streak as it slipped 3.6 percent.
Oil prices were slightly changed on Tuesday due to lingering supply concerns and worries over a potential global recession.
Brent crude futures edged down to $113.28 a barrel and US West Texas Intermediate rose almost 1.5 percent to $110.02 a barrel by 9:16 a.m. Saudi time.
Petro Rabigh’s rump offering generated a total of SR390 million ($104 million) in proceeds after selling over 23 million shares
Middle East Specialized Cables Co. appointed Yahiya Al-Qunaibit as board chairman and Saad Al-Shammari as vice-chairman
Two substantial shareholders in Wataniya Insurance Co. have executed an off-market deal where SNIC Insurance Co. sold a 2.5 percent stake to E.A. Juffali and Brothers for SR16.5 million
Jadwa Investment Co. sold a property located in Riyadh, namely Raud Al Jenan School, for SR27 million
National Industrialization Co. elected Mubarak Al-Khafrah as its chairman and Talal Al-Maiman as its vice-chairman
Gulf General Cooperative Insurance Co. has signed a one-year deal with Al-Rashid Trading and Contracting Co. to provide medical insurance services
July 7, 2022
Saudi Exchange will close for the Eid Al Adha holidays and resume trading on July 13