TASI falls below 11,200-mark first time in over a month: Closing bell

TASI falls below 11,200-mark first time in over a month: Closing bell
The parallel market Nomu dropped 2 percent to finish at 18,622 (Shutterstock)
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Updated 15 November 2022
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TASI falls below 11,200-mark first time in over a month: Closing bell

TASI falls below 11,200-mark first time in over a month: Closing bell

RIYADH: Saudi Arabia’s main index extended its Monday’s losses on Tuesday when it dropped to below 11,200 level for the first time in over a month, with falling oil prices putting a damper on the market.

The Tadawul All Share Index declined 0.9 percent to end at 11,096, while the parallel market Nomu dropped 2 percent to finish at 18,622.

In energy trading, Brent crude reached $92.58 per barrel, and US benchmark WTI traded at $85.22 per barrel as of 3:04 p.m. Saudi time.

Shares of Saudi oil giant Aramco declined by 1.78 percent at the end of Tuesday’s session.

The oil giant has earlier posted a 39 percent surge in the third quarter of 2022, surpassing the average of analysts’ forecasts.

Profits at Aramco hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion.

Saudi stock market operator Tadawul Group gained 1.69 percent at the end of Tuesday, rebounding from its losses on Monday.

Saudi National Bank, the Kingdom’s largest lender, slipped 2.01 percent, while Saudi Arabia’s most valuable bank, Al Rajhi, added 0.48 percent.

Middle East Paper Co. ended the session flat, with the appointment of Musaab Al-Muhaidib as chairman of the board and Abdullah Al-Moammar as vice chairman.

Al Hassan Ghazi Ibrahim Shaker Co. increased 9.93 percent, topping the gainers, on news that it withdrew its capital hike recommendation following the improvement of its financial condition.

Development Works Food Co. ranked second in the gainers list, gaining 6.84 percent, closely followed by Tourism Enterprise Co. which grew 6.58 percent.

Al-Jouf Agricultural Development Co. rose 1 percent, after securing SR40 million in Shariah-compliant credit facilities from Banque Saudi Fransi.

Saudi Arabian Amiantit Co. fell 5.95 percent to lead the decliners, followed by Arab Sea Information System Co., losing 5.61 percent.

On the stock news front, the initial public offering of Americana Restaurants International runs from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, while institutional investors can participate from Nov. 14 to Nov. 22.

The KFC and Pizza Hut restaurants operator set the price range for its initial public offering at SR2.55 – 2.68 per share, as it kicked off the book-building period on Monday Nov. 14.

Food Gate Trading Co. received the Capital Market Authority’s approval to offer 420,000 shares, representing 20 percent of the company's capital, on the parallel market.