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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s stocks extended losses for another day on Wednesday, as oil prices continued to fall.
The main TASI index fell 1 percent to 13,379 after it reached its highest level since 2006 on Monday, while the parallel market, Nomu, dropped 1.8 percent to 22,674.
In line with the Saudi index, the stock exchanges of Abu Dhabi, Dubai, and Kuwait lost between 1.2 and 2.1 percent.
However, Qatar, Bahrain, Oman, and Egypt bourses edged higher, led by a 1.2 percent gain for Bahrain’s BAX.
In energy trading, Brent crude futures slipped $1.25, or 1.2 percent, to $106.26 a barrel by 08.00 AM Saudi time. West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
Stock news
Chemical giant Saudi Basic Industries Corp., better known as SABIC, saw a 33 percent increase in first-quarter profits, buoyed by 40-percent growth in sales to SR53 billion ($14 billion)
Saudi Airlines Catering Co. swung from losses into profits amounting to SR35 million in the first quarter
Food chain owner Herfy posted a profit surge of 12 percent in the first quarter due to a rise in sales of 5.5 percent
Al-Dawaa Medical Services Co. reported a 10 percent increase in quarterly profits to SR87 million
Takween Advanced Industries Co. turned into losses of almost SR9 million in the first quarter of the current year even as revenue increased
Profits of United Wire Factories, known as Aslak, rose by 61 percent in the first quarter to SR26 million on the back of higher sales
Jarir Marketing Co. completed the sale of a building in Al Khobar at a value of SR178 million
Naseej International Trading Co. got the Capital Market Authority’s approval to reduce capital from SR212 million to SR109 million
Calendar
May 15, 2022
Saudi Aramco will disclose its financial results for the first quarter of 2022
End of Arabian Food & Dairy Factories Co.’s IPO book-building
May 22, 2022
Start of Amwaj International Co.’s IPO book-building
May 25, 2022
End of Amwaj International Co.’s IPO book-building
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