RIYADH: Saudi stocks ended Wednesday with a steep decline despite a recent rebound, as the threat of a recession continued to weigh on investor sentiment.
TASI, the main index, approached one of its lowest levels in months again, dropping 2.9 percent to 11,319. The parallel Nomu market also lost 1.1 percent to 20,649.
Stock exchanges in Dubai, Qatar, and Abu Dhabi were down 0.9, 1.1, and 1.8 percent, respectively, followed by marginal declines in indexes of Bahrain, Oman, and Kuwait.
Outside the Gulf, Egypt’s index EGX30 erased gains from a day earlier to close 0.8 percent lower.
Oil prices retreated after US President Joe Biden called for a suspension of gas and diesel taxes in response to rising energy prices.
Brent crude reached $110.37 a barrel on Thursday and US West Texas Intermediate traded at $104.58 a barrel at 9:29 a.m. Saudi time.
Stock news
AlSagr Cooperative Insurance Co. was suspended from trading again starting June 23 until it announces its financial statements for the first quarter of 2022
Shareholders of Al Moammar Information Systems Co. approved a capital raise of 20 percent to SR300 million ($80 million) through granting bonus shares
Arabian Centres Co. named Fawaz Al-Hokair chairman and Salman Al-Hokair vice-chairman of the board
Saudi Cable Co. selected Wasatah Capital to advise on the company’s planned capital reduction of 75 percent to SR66.7 million
Basic Chemical Industries Co. appointed Abdullah Al-Moaibed as board chairman and Suleiman Al-Qadi as vice chairman of the board
Saudi Arabian Refineries Co. signed two non-binding agreements with Christof Global Impact for renewable energy projects aimed at reducing carbon emissions
Gulf Union Al Ahlia Cooperative Insurance Co. reported that its accumulated losses have been reduced to 29.63 percent of capital
Calendar
June 26, 2022
Rabigh Refining and Petrochemical Co.’s subscription to new shares ends
June 27, 2022
End of Alamar Foods’ IPO book-building
Retal Urban Development Co. will start trading its shares on TASI
June 28, 2022
End of the Saudi Investment Bank’s Sukuk offering
