Here’s what you need to know before Tuesday trading on the Saudi bourse

RIYADH: Saudi stocks saw their second straight day of gains on Monday, with TASI reaching 13,064 points for the first time since 2006 as investor fears abated.

TASI was up 0.5 percent during the session and the parallel market, Nomu, surged 3.8 percent to 25,135.

GCC bourses were topped by Dubai’s DFMGI which gained 2.1 percent, followed by Abu Dhabi, Kuwait, and Saudi Arabia.

Stock exchanges in Qatar, Bahrain, and Oman edged lower.

Elsewhere in the Middle East, Egypt’s EGX30 dipped 2.6 percent, shrugging off gains from a week earlier.

Oil prices fell on Tuesday with Brent crude oil reaching $110.72 per barrel and US benchmark WTI crude oil trading at $104.49 per barrel at 8:00 a.m. Saudi time.

Stock news

• Mobily Pay, a fully-owned unit of telecom firm Mobily, received a license from the Saudi central bank to conduct payments and e-wallets transactions
• East Pipes Integrated Co. obtained a working capital funding of SR285 million ($76 million) and sealed a SR497 million deal with Saline Water Conversion Corporation to supply steel pipes
• Shareholders of Advanced Petrochemical Co. will receive cash dividends of SR0.55 per share for the first quarter of 2022
• Development Works Food Co. turned into profit of SR2.68 million in 2021 as it focused on revenue-generating activities during the year
• Tabuk Agricultural Development Co. widened losses by 35 percent to SR70.5 million in 2021
• Saudi real estate developer Dar Alarkan reported a 605 percent profit surge to SR132 million in 2021
• Al-Khaleej Training and Education Co.’s board recommended not to distribute cash dividends for 2021 as to focus on acquisitions and expansions in the education sector
• A profit surge of 1,130 percent to SR9.9 million was reported by Al-Omran Industrial Trading Co. in 2021
• Alhasoob Co. saw an 8 percent increase in profit to SR11.9 million in 2021
• Nahdi Medical Co., operator of one of the largest pharmacy chains in Saudi Arabia, saw its profits fall by 4.3 percent in 2021 in its first annual results post-listing
• Saudi Real Estate Co. turned into profits of SR54.9 million in 2021 due to an increase in rental and land sale revenue
• Northern Region Cement’s profits were almost flat in 2021 at SR107 million in 2021
• Arabian Pipes Co. slashed its cumulative losses from 40 percent of capital to zero
• Savola Group reported a 76 percent decline in annual profit to SR222 million in 2021
• Saudi Printing and Packaging Co. widened losses by 189 percent to SR59.3 million in 2021

Calendar

March 29, 2022

• Amak, formally known as Al Masane Al Kobra Mining Co., will start trading its shares on the Saudi stock exchange
• End of Saudi Home Loans’ IPO subscription

 

Here’s what you need to know before Tuesday trading on the Saudi bourse
Source: Viral Real Articles