Saudi market regulator approves 3 IPOs as listing boom continues

Saudi market regulator approves 3 IPOs as listing boom continues
Saudi market regulator approves 3 IPOs as listing boom continues

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s main index TASI recovered some of its losses on Monday as investors eased their concerns about high inflation in the country while they await the release of further earnings results.

The Tadawul All Share Index rose 1.41 percent to end at 11,566, while the parallel market Nomu added 0.25 percent to finish at 19,794.

The gain was led by a 0.57 percent leap in oil behemoth Saudi , and a 0.7 percent gain in Rabigh Refining and Petrochemical.

Saudi National Bank, the Kingdom’s largest lender, gained 0.66 percent, while Saudi British Bank surged 4.35 percent.

The Kingdom’s most valued bank, Al Rajhi, climbed 2.08 percent, while Alinma Bank was up 0.85 percent.

Saudi chemical manufacturer SABIC rose 1 percent, after it announced the start of commercial operations at United Ethylene Glycol Plant 3.

Aldrees Petroleum and Transport Services Co. gained 1.52 percent, after it posted a 39 percent jump in profits during the first nine months of 2022 to SR170 million ($45 million).

Saudi Ceramic Co. fell 0.37 percent,  following a 29 percent drop in profits for the first nine months of the year to SR132 million.

Al Moammar Information Systems Co. edged down  0.78 percent, having appointed Abdullah Ghazi Al-Ghamdi as its CEO.

ACWA Power Co. added 5.60 percent to lead the gainers, while Saudi Enaya Cooperative Insurance Co. declined 3.09 percent to lead the fallers.

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