Oil Updates – crude rises $2 as US sanctions, stockpile forecasts raise supply worries

Oil Updates – crude rises $2 as US sanctions, stockpile forecasts raise supply worries
Oil Updates – crude rises $2 as US sanctions, stockpile forecasts raise supply worries

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 13.52 points, or 0.13 percent, to close at 10,586.22. 

The benchmark index reported a total trading turnover of SR6.47 billion ($1.72 billion) as 150 listed stocks advanced, while 63 retreated. 

In contrast, the Kingdom’s parallel market Nomu slipped by 88.80 points, or 0.40 percent, ending the day at 22,132.15, with 22 listed stocks advancing and an equal number retreating. 

The MSCI Tadawul Index inched up by 0.14 points, or 0.01 percent, closing at 1,363.79.  

Zamil Industrial Investment Co. was the best-performing stock of the day, with a share price surge of 5.37 percent to reach SR20.40.  

Other top performers included National Gas and Industrialization Co. and Gulf Union Alahlia Cooperative Insurance Co., with their share prices rising by 5.09 percent and 4.72 percent, reaching SR59.90 and SR12.88, respectively.   

Al-Babtain Power and Telecommunication Co. and Al-Rajhi Co. for Cooperative Insurance also had strong performances.  

On the downside, Thimar Development Holding Co. saw its share price drop by 7.22 percent to SR14.66.  

Al-Baha Investment and Development Co. and Alandalus Property Co. also faced declines, with share prices dropping by 6.67 percent and 5 percent to stand at SR0.14 and SR20.90, respectively.   

Herfy Food Services Co. and Dar Alarkan Real Estate Development Co. were among the worst performers of the day. 

In corporate announcements, Najran Cement Co. revealed that its board of directors decided not to distribute interim cash dividends to shareholders for the first half of the fiscal year 2023.  

According to a Tadawul statement, this decision is aimed at strengthening the firm’s financial position to achieve its business growth strategy. The feasibility of distributing cash dividends for the second half of the fiscal year will be assessed based on the company’s cash flows for the full year, it added.  

Additionally, Allianz Saudi Fransi Cooperative Insurance Co. announced that Moody’s has affirmed its A3 rating with a stable outlook.  

A bourse filing revealed that this rating action follows the announcement that the current parent, Allianz SE, has agreed to sell its 51 percent stake in Allianz SF to Abu Dhabi National Insurance Co.  

Furthermore, Valuable Capital Financial Co., an eWTPA portfolio firm, received final approval from the Capital Market Authority to conduct dealing, custody, and advisory activities in Saudi Arabia.  

This move makes VCFC the first licensed global fintech company authorized to provide online brokerage and trading services in the Kingdom. 

Meanwhile, Thimar Development Holding Co. disclosed that the subscription to new shares and rights trading to increase its capital from SR100 million to SR250 million will begin on Oct. 12.  

According to a Tadawul filing, rights trading will conclude on Oct. 19, while subscription to the new shares will close on Oct. 24.  

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