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Sunday, Dec 04, 2022

TASI loses steam on weak global outlook: Closing bell  

TASI loses steam on weak global outlook: Closing bell  

Saudi Arabia’s main index mostly traded in the flat-to-negative territory on Thursday, reflecting the weak outlook and softer demand of the global markets.
The Tadawul All Share Index slipped 0.08 percent to end at 11,142, even as the parallel market Nomu rose 1.02 percent to 18,838.

Of the 218 companies listed on TASI, 113 advanced, while 93 declined. The total trading turnover was SR4.23 billion ($1.13 billion).

The market picked up the negative cues in the energy market, marred by global geopolitical uncertainty and China’s declining demand for crude.

Brent crude futures fell by 1.1 percent to $91.82 a barrel by 0430 GMT. US West Texas Intermediate crude futures slid 1.4 percent to $84.42 a barrel.

Saudi Arabian Oil Co. closed flat at SR33.70 per share. The oil giant — known as Aramco — has earlier posted a 39 percent surge in the third quarter of 2022, surpassing the average of analysts’ forecasts.

Profits at Aramco hit SR159 billion after revenue soared 51 percent to SR544 billion.

Alamar Foods was among the top gainers, closing 4.8 percent to SR148.60 per share. The quick-service restaurant operator on Tuesday announced a dividend of SR0.7 per share.

The other top gainers included Gulf Union Alahlia Cooperative Insurance Co., Saudi Automotive Services Co., Allianz Saudi Fransi Cooperative Insurance Co. and Halwani Bros.

Alkhorayef Water and Power Technologies Co., which on Thursday awarded an SR55.9 million operations and maintenance contract to National Water Co., rose 2 percent to SR142 per share.

Abdulmohsen Alhokair Group for Tourism and Development also closed higher at 1.97 percent to SR20.70 per share. The company on Thursday reduced its capital to SR315 million by absorbing its accumulated losses of SR335 million.

On the banking front, Saudi National Bank, the Kingdom’s largest lender, gained 1.3 percent, while Saudi Arabia’s most valuable bank, Al Rajhi, slipped 0.12 percent.

The conspicuous losers were Tourism Enterprise Co., Naqi Water Co, Saudi Arabian Amiantit Co. and Arabian Shield Cooperative Insurance Co..

Saudi Tadawul Group Holding Co. also fell 3.48 percent to close at SR172 per share.

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