RIYADH: Saudi Arabia’s stock market extended gains on Wednesday on the back of strong earnings in the banking sector as well as rising oil prices.
The main index TASI advanced 0.7 percent to 12,052. Similarly, the parallel Nomu market was up 0.2 percent to 20,823.
TASI was supported by gains in some of its biggest banks, including the Kingdom’s largest lender Saudi National Bank, Arab National Bank, Banque Saudi Fransi, Alinma Bank, and Bank Albilad — all of which posted profit hikes for the first half of 2022.
This was in line with most major Gulf Cooperation Council stock markets, led by a 2-percent gain in the Omani bourse, followed by 1.7 percent for Qatar’s QSI.
Dubai, Abu Dhabi, Kuwait, and Bahrain added between 0.3 and 0.4 percent.
Elsewhere in the Middle East, the Egyptian EGX30 index lost 0.7 percent.
Oil prices gained on Thursday, with Brent crude surging 1 percent to $107.69 a barrel and US West Texas Intermediate up to $98.55 a barrel by 9:02 a.m. Saudi time.
Stock news
Telecom operator Etihad Etisalat Co., known as Mobily, saw its half-year profits soar by 45 percent to SR679 million ($180 million)
Thoub Al-Aseel Co.’s profit dropped 9 percent to SR44 million in the first half of 2022
Arab National Bank posted a 29 percent increase in profit during the first half of 2022
Saudi Kayan Petrochemical Co. recorded a 72 percent profit drop for the first half of 2022 on the back of higher feedstock costs and lower selling prices
Saudi stock exchange delisted a debt issuance worth SR3.4 billion on Wednesday
The National Co. for Glass Industries, known as Zoujaj, saw its half-year profit jump 265 percent to SR72.4 million
Banque Saudi Fransi recorded an 11 percent profit surge to SR1.7 billion for the first half of 2022
Saudi Alamar Foods completed the retail tranche of its initial public offering with SR847 million worth of subscriptions
SABIC Agri-Nutrients Co. signed a memorandum of understanding with Saudi Agricultural Livestock Investment Co. to study the possibility of collaboration to enhance food security
Calendar
July 28, 2022
End of Saudi Networkers Services Co.’s IPO subscription
August 1, 2022
Future Care Trading Co. will start trading its shares on Nomu
August 14, 2022
Saudi Aramco will announce its financial results for the second quarter of 2022
