Arab News, Saturday, Jan 08, 2022 | Jamada Al-Aakhirah 5, 1443
TASI edges lower on omicron woes, new listings boost Nomu: Closing bell
Saudi Arabia:
Saudi Arabia’s main stock index, TASI, ended lower
on Thursday as the rise in COVID-19 cases, of the omicron strain in particular,
spooked investors.
The Saudi Health Ministry confirmed 3,045 new
COVID-19 cases in the Kingdom on Wednesday, up from only 34 on Dec. 1.
Global cues also pushed TASI and regional indexes
lower. Fed minutes flagged a chance of lifting interest rates earlier than
expected amid a tight job market and high inflation, Reuters reported.
TASI edged down by 0.2 percent to close for the
day at 11,431 points, while the parallel market Nomu added 1.1 percent to
25,618.
On Nomu, gains were attributed to Saudi IT firm
Advance International Co., or AICTEC, which led the gainers on its first-day
trading, rising 30 percent to SR143 ($38).
TASI was dragged lower by falls in some of the
Kingdom’s highest valued companies, including Al Rajhi Bank, SABIC, oil
giant Aramco, all of which traded in the red zone today.
Leading the losses, Batic Investments and
Logistics Co. witnessed a 5-percent decline in its share price, reaching SR22.2.
Alujain Holding Corp. topped the gainers, up 4.2
percent. The company has appointed Khalid Aldawood as chief executive officer
effective Jan. 9, 2022.
Red Sea International Co.’s stock surged 2.8
percent, upon inking an extension contract with oilfield services company
Schlumberger, to support its oil drilling operations in the Eastern region.
Shares in Saudi Real Estate Co., known as Al
Akaria, rose 1.3 percent to SR20.5 after it purchased SR727 million land in
Riyadh for infrastructure development.
In energy trading, Brent crude rose to near $82
per barrel, while US WTI crude oil reached $79 per barrel after OPEC+ sticked to
plans to boost output in February and unrest broke in Kazakhstan, Central Asia’s
largest oil producer.