Oil dips $1 on global economic concerns

Oil dips $1 on global economic concerns
Oil dips $1 on global economic concerns

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Jeddah - Yasmine El Tohamy - Closing bell: Saudi benchmark index continues its upward momentum, edges up 0.28%

RIYADH: Saudi Arabia’s Tadawul All Share Index on Tuesday gained 29.83 points — or 0.28 percent — to close at 10,795.60. 

While MSCI Tadawul 30 Index edged up 3.37 points to close at 1,495.84, the parallel market Nomu slumped 187.73 points to end at 19,164.59. 

TASI’s total trading turnover of the benchmark index on Tuesday was SR3.57 billion ($950 million), with 112 stocks of the listed 223 advancing and 90 falling. 

Gulf General Cooperative Insurance Co. was the topmost gainer of the day, which rose 9.97 percent to SR7.61. The other top gainers were Tihama Advertising and Public Relations Co., United Cooperative Assurance Co., Arabian Drilling Co., and Maharah Human Resources Co. 

The worst performer on Tuesday was Saudi Advanced Industries Co., which fell 3.12 percent to SR31.05. In addition, pipe manufacturer Saudi Arabian Amiantit Co., garment firm Thob Al Aseel Co. and food retailer Savola Group fell by 2 percent each to close at SR41.65, SR38.95 and SR29.20, respectively. 

Among sectoral indices, 12 of the 21 listed on the stock exchange declined while the rest advanced. The Diversified Financials Index was the top performer as it rose 1.32 percent to 6,278.99 thanks to Saudi Tadawul Group Holding Co., which jumped 2.76 percent to SR171.20. Investment services firm Kingdom Holding Co. also increased marginally to SR7.92.   

The Consumer Durables & Apparel Index was the worst-performing sector of the day as it dropped 1.08 percent to 4,519.07. All key constituents except for Lazurde Co. for Jewelry weighed down on the index. 

On the announcements front, Saudi Investment Bank on Tuesday informed the stock exchange that it increased the size of the Tier 1 sukuk program to SR5 billion from SR2 billion, according to the program’s documents. 

The bank intends to issue Saudi riyal-denominated Tier 1 sukuk under the program through private placement in Saudi Arabia. 

According to the statement, the issuance’s exact value and terms will be determined later, subject to market conditions. It added that the offer aims to enhance the Tier 1 capital and fulfill the bank’s financial and strategic needs. 

The bank mandated Alistithmar Capital as the lead manager and book-runner for the potential offer. The share price of SIB fell 1.92 percent to SR17.36. 

Al Moammar Information Systems Co. also announced that it bagged an SR49.64 million contract from the Board of Grievances to operate and manage electronic services and computers. 

In a statement to Tadawul, the company said the project includes providing a highly qualified team to provide advisory services, maintenance work and support. Its share price increased by 1.81 percent to SR95.6. 

Edarat Communication and Information Technology on Jan. 23 awarded a cloud services project with the Government Expenditure & Projects Efficiency Authority, it told Tadawul. 

The company said the authority would sign a framework agreement for one year after the award. Edarat’s share price surged 4.51 percent to SR283. 

Meanwhile, Jabal Omar Development Co. received on Jan. 23 an order issued by Zakat, Tax and Customs Authority to execute the Appeal Committee for Zakat and Tax Violations and Disputes’ decision for the years 2012–2018, at a total value of SR 357 million. 

The company informed the exchange that, in compliance with the rules and regulations of the General Secretariat of the Zakat, Tax and Customs Committees, it will submit a petition to request the Appeal Committee to reconsider the decision. Its share price slipped 1.42 percent to SR18.06.

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