Arab News, Sunday, Jan 23, 2022 | Jamada Al-Aakhirah 20, 1443
Brace for the trading week on Tadawul as earnings season comes into play
Saudi Arabia: Last week, Saudi
Arabia’s main stock index TASI wrapped up ten straight days of gains amid
heightened investor sentiment. Earnings season is starting to get into full
swing for the Kingdom’s listed companies.
In the latest session, TASI gained
0.3 percent to reach 12,291 points, while the parallel market Nomu slipped
0.3 percent to close at 26,071 points.
Other GCC members saw fractional declines on
Thursday, including main indexes of Qatar, Oman, Bahrain, and Kuwait, all down
in the range of 0.1 to 0.8 percent.
Elsewhere in the Middle East, the Egyptian index EGX30 edged
up by 0.1 percent.
Dubai’s DFMGI index
and Abu Dhabi’s FTSE ADX General index
were both up on Friday by 1.3 and 0.3 percent, respectively.
In energy trading, oil prices snapped the
seven-year high as higher inventories of US crude and fuel prompted
profit-taking.
Brent crude oil reached $87.9 per barrel on
Friday, and US benchmark WTI crude oil
settled at $85 per barrel.
Stock news
Saudi dairy giant Almarai recorded a 21 percent
decline in profit in 2021 as pandemic and value-added tax, VAT, weighed on
revenues
The Saudi Real Estate Co., known as Alakaria,
has secured a bridge loan of SR400 million ($107 million) to finance part of the
price of the land it’s purchasing in the east of Riyadh
East Pipes Integrated Co.’s initial public
offering was 71.8 times oversubscribed. The final offer price has been set at
SR80 per share
Arabian Centres Co. said in a bourse filing
that its board of directors accepted the resignation of the CEO Faisal Abdullah
Al-Jedaie, effective Jan. 31, 2022
Digital security firm Elm Co. set its initial
public offering price range between SR113 and SR128 per share. The book-building
period will start today Jan. 23 and end on Jan. 28
Saudi Basic Industries Corp., also known
as SABIC, has begun operations of its petrochemical joint venture with US
ExxonMobil on the US Gulf coast
Tadawul approved the listing of SR2.83 billion
($755 million) worth of government debt instruments, submitted by the Ministry
of Finance
Saudia Dairy and Foodstuff Co., or SADAFCO,
reported a 28.6 percent decline in profit during the nine months ending Dec. 31,
2021. Profits dropped to SR146 million
Saudi food firm Wafrah for Industry and
Developments has appointed Khaled Saleh Al Amoudi as CEO on Thursday
Dammam-based Gas Arabian Services will start
offering 790,000 shares in an IPO on the parallel market Nomu on Sunday, Jan. 23