Saudi Stocks Open Higher, Energy Prices Rise: Opening Bell

RIYADH: The Saudi stock market closed lower for a second straight session on Sunday as investor sentiment weighed on weak results.

The main TASI index fell 0.8% to 12,334, while the parallel market Nomu lost 0.8% to 22,329.

Kingdom Holding Co. climbed 9.9% after Saudi Arabia’s Public Investment Fund acquired a SR5.7 billion ($1.5 billion) stake in the company from billionaire Prince Alwaleed bin Talal .

Elsewhere in the Middle East, stock markets in Egypt, Bahrain, Oman and Kuwait all fell between 0.4% and 0.9%, while Qatar’s QSI ended up 0.1%.

Oil prices rose on Monday with US fuel demand, tight supply and a slightly weaker US dollar supporting the market.

Brent crude rose to $113.53 a barrel and US benchmark West Texas Intermediate crude traded at $111.03 a barrel as of 9:09 a.m. Riyadh time.

Stock market news

Saudi Aramco has collectively awarded contracts worth nearly SR200 million to Saudi Steel Pipe Co. and Arabian Pipes Co. for the supply of oil and gas steel pipes

Telecom giant stc has partnered with a consortium led by eWTP Arabia to create a cloud computing unit with a capital of SR894 million

Saudi retailer BinDawood Holding Co. reported a 5% increase in profit to SR65.5 million in the first quarter, thanks to the easing of pandemic restrictions

Al Abdullatif Industrial Investment Co. losses increased by 176% in Q1 2022 to SR 12,110

Saudi Public Transport Co. cut losses by 96% from SR54 million to SR2 million in the first quarter

Batic Investments and Logistics Co.’s profit in the first quarter was SR 842,232, erasing losses of SR 3.2 million from the previous year

Mouwasat Medical Services Co. has signed a non-binding agreement to acquire the entire Egyptian Al-Marasem International Hospital

Aseer Trading, Tourism, and Manufacturing Co. reported a net profit of SR 10.2 million in the first quarter

Saudi Marketing Co.’s Q1 profit jumped 45% to SR6.17 million on higher retail revenue from Farm Superstores

Saudi Industrial Exports Co., better known as Sadirat, cut losses by 98% to SR5 million in the first quarter of 2022

Saudi Azm for Communication and Technology Co. has reached an agreement with the Ministry of Communications and Information Technology to provide consultancy services to its digital transformation unit

Nayifat Finance Co. announced the resignation of CEO Abdulmohsen Abdulrahman Musaed Al-Sowailem due to “his personal situation”

The Mediterranean and Gulf Insurance and Reinsurance Co. turned into a net loss before Zakat of SR 55 million in the first quarter

Saudi Industrial Development Co. losses rise 175% to SR4.8m in latest quarter

Saudi Enaya Insurance Co.’s Board of Directors has recommended a capital increase to SR300 million to support the company’s future plans

Knowledge Economic City increased its first quarter losses by 41% to SR 6.7 million

Tabuk Agricultural Development Co. suffered 654% higher losses of SR10.1 million in the first quarter of 2022

Schedule

May 23, 2022

Beginning of Anaam International Holding Group’s subscription to trading in new shares and rights

May 25, 2022

End of subscription to the IPO of Amwaj International Co.

May 26, 2022

End of Ladun Investment Co.’s IPO book-building.

May 30, 2022

Anaam International Holding Group rights trading closes

June 2, 2022

Closing of the subscription for new shares of Anaam International Holding Group

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