UK inflation hits nearly 30-year high of 5.5 percent

UK inflation hits nearly 30-year high of 5.5 percent
UK inflation hits nearly 30-year high of 5.5 percent

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s stock market recorded gains for a second straight day on Tuesday in tandem with the oil market, with TASI reaching its highest level since 2006.

TASI ended 1.2 percent higher at 12,350 points as listed companies continued to disclose their earnings results. The parallel market Nomu edged up by 0.19 percent to 25,153.

The main market will see PIF-backed digital security firm Elm Co. make its stock market debut on Wednesday.

With the Saudi index leading the gains, most Gulf Cooperation Council stock exchanges saw gains on Tuesday.

Indexes of Abu Dhabi, , Qatar, Bahrain, and Kuwait all advanced between 0.2 and 1 percent, while Oman’s MSX30 inched down 0.1 percent.

Elsewhere in the Middle East, the Egyptian index EGX30 climbed 1.4 percent.

In energy trading, Brent crude reached $93.28 a barrel, and US benchmark WTI traded at $92.19 a barrel as of 9:24 a.m. Saudi time.

Stock news

The Saudi British Bank, known as SABB, has swung from SR4.16 billion ($1.1 billion) net loss to a profit of SR3.2 billion

National Gas and Industrialization Co., or GASCO, has announced that it signed an agreement to acquire 55 percent of Best Gas Carrier Co. at SR29 million

Saudi Industrial Exports Co.’s board has approved a 66.6 percent capital reduction by canceling shares to amortize accumulated losses. The Saudi exchange has announced that the fluctuation limits for the company will be based on a share price of SR341

Arabian Pipes’ board recommended reducing capital by 75 percent to SR100 million

Saudi Public Investment Fund has joined up with Prince Saud bin Fahad and Sultan Holding Co. to acquire an $807 million stake in Zain KSA’s tower infrastructure

Advanced Petrochemical Co. has received the Capital Market Authority’s approval for a capital increase from SR2.1 billion to SR2.6 billion through offering bonus shares

solutions by stc, a unit of Saudi telecom giant stc, has posted an 18.6 percent increase in net profit last year. The company also announced its board’s recommendation to payout SR475 million cash dividends, or SR4 per share, for 2021

Yamama Cement Co. has reported a 60 percent decline in profit for 2021

Arabian Contracting Services will rent 40 digital billboards at an amount of SR1 billion over 10 years

Tourism Enterprise Co., also known as Shams, said its board has recommended a capital increase of 1000 percent to support the company’s growth

Al-Othaim Markets said it will distribute dividends of SR180 million, or SR2 per share, for the second half of 2021

Saudi Fransi Capital announced that Taleem REIT has acquired four educational properties at SR148 million

Calendar

Feb. 16, 2022

Digital security firm Elm Co. will list on TASI

Feb. 17, 2022

End of Tibbiyah’s IPO individual investors’ subscription

End of Al Dawaa Medical Services Co. IPO book-building process

 

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