Saudi stocks rise 2% as oil prices dip: Opening bell 

Saudi stocks rise 2% as oil prices dip: Opening bell 
Saudi stocks rise 2% as oil prices dip: Opening bell 

Thank you for reading the news about Saudi stocks rise 2% as oil prices dip: Opening bell  and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: Saudi stocks closed the previous trading week lower in line with a global stock market turmoil caused by the launch of a full-scale Ukraine invasion by Russian troops.

At Thursday's close, TASI and the parallel market Nomu both lost 1.8 percent to 12,297 and 24,942 points, respectively.

On the main market, shares in Saudi soared to the highest level since listing.

With a market cap of $2.24 trillion, the oil giant is close to catching the world’s most valuable company, Apple Inc., and has surpassed tech giant Microsoft.  

In line with the Saudi index, all GCC bourses, including Abu Dhabi, , Qatar, Bahrain, Oman, and Kuwait, were down in response to the rising geopolitical tensions.

Elsewhere, the Egyptian blue-chip index EGX30 dipped 3.6 percent.

Oil prices pulled back from record highs on Friday as concerns over supplies eased after US sanctions spared Russian energy exports.

Brent crude retreated 1.2 percent to $97.9 after nearing $106 a day earlier. US benchmark WTI lost 1.3 percent to $91.6 a barrel.

Stock news

Saudi mining giant Ma’aden said it won’t pay dividends for 2021 despite turning into a profit of SR5.23 billion ($1.4 billion), fueled by higher product prices

Saudi Arabia’s SABB Takaful will be fully merged into Walaa Insurance following an agreement on Feb. 24

The National Agricultural Development Co., or Nadec, appointed Solaiman Altwaijri as CEO, following the resignation of Steen Hadsbjerg on Feb. 28

Saudi Cement Co. recorded a 27 percent decline in annual profit to SR331 million

Kingdom Holding Co. turned from losses of SR1.46 billion into a net profit of SR1.017 billion in 2021

Arabian Contracting Services Co. has completed the establishment of fully owned subsidiary Arabian Bird Trading Co. with a capital of SR50,000

Bupa Arabia for Cooperative Insurance has seen its profit drop by 10 percent to SR625 million in 2021 as it witnessed a fall in underwriting income

Nama Chemicals Co. has announced that audit committee member Fayez Al-Ahmari has resigned to be elected as chairman of the board for the new term

Saudi Capital Market Authority has approved the public offering of Miyar Morabaha Fund


Feb. 27, 2022

Start of Al-Dawaa pharmacy chain’s IPO retail subscription

Feb. 28, 2022

Scientific and Medical Equipment House Co. will list on Saudi main index TASI

March 1, 2022

Saudi Azm for Communication and Information Technology Co. will list on the parallel market Nomu

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