TASI starts in the red as oil price uncertainty clouds investors’ minds: Opening Bell

RIYADH: Saudi stocks ended flat on Monday after falling a day earlier as investor sentiment was dragged down by a weakening global economic outlook.

TASI, the main benchmark, ended the session at 12,560, while parallel market Nomu added 0.3% to 21,724.

Gulf markets were mixed on Monday, with the Qatari index down 1.2%, Abu Dhabi and Dubai down nearly 0.4%, and Bahrain, Oman and Kuwait up slightly.

The volatility in the markets of the oil-rich region is explained by fluctuations in oil prices over the past period.

Brent crude was trading at $96.89 a barrel on Tuesday, and US West Texas Intermediate fell to $90.23 a barrel at 9:11 a.m. KSA.

Outside the Gulf, Egypt’s EGX30 reversed on Monday with gains closing at 0.9% after the country’s central bank kept interest rates unchanged following the appointment of a new governor last week.

Stock market news

Saudi Real Estate Co. made profits of SR15.9 million ($4.2 million) in the first half of 2022.

Al Abdullatif Industrial Investment Co. recorded losses of SR 16 million in the first half of 2022.

Jazan Energy and Development Co. saw its first half profits increase by 187% to SR 28 million.

Etihad Atheeb Telecommunication Co.’s losses decreased by 86% to SR 1.7 million in the second quarter of 2022.

Saudi Public Transport Co. saw its losses shrink by 97% to SR 2.6 million in the first half of 2022.

Saudi Arabian Cooperative Insurance Co.’s half-yearly net loss before Zakat was reduced by 34% to SR20 million.

Alkhaleej Training and Education Co. returned to profit amounting to SR 1 million in the first half of 2022.

Salama Cooperative Insurance Co. suffered losses of SR67 million in the first half, after making a profit of SR144 million in the year-ago period.

Hail Cement Co. turned into losses of SR 14 million in the first half of 2022.

Filling and packaging materials MFG. Co. returned to profitability in the first half of 2022 with SR 1.3 million.

Profits of Electrical Industries Co. jumped 105% to SR31 million in the first half of 2022.

Jahez established a limited liability company, BLU store, with AlHilal Club Investment Co. to sell and market products of various brands and provide online services.

Arabian Contracting Services Co., known as Al Arabia, reported a 63% increase in first-half profit to SR128 million.

The Co. for Cooperative Insurance has entered into an agreement to provide insurance services to National Water Co. employees and their families.

Sinad Holding Co.’s losses widened by 354% to SR10 million in the first half of 2022.

Alsagr Cooperative Insurance Co. has announced that it will not be able to release its financial results for the first half of 2022.

Calendar

August 25, 2022

End of the second quarter 2022 earnings season

September 11, 2022

Launch of the IPO of Arabian Plastic Industrial Co.

September 13, 2022

Completion of the IPO of Arabian Plastic Industrial Co.

About Leni Loberns

Check Also

Are energy stocks always cheap?

Energy stocks are outperforming the stock market — by a mile — this year. Record …