NEOM Extends Sindalah Island Asset Offering Deadline to July 31

RIYADH: The Saudi stock market extended losses on Monday as recession and inflation risks continue to bother investors.

The main benchmark TASI lost 0.9% to close at 11,358, hit by a 1.3% fall in oil giant Aramco, while the parallel market Nomu fell 1.9% to 20,672.

Similarly, stock exchanges in Abu Dhabi, Dubai, Qatar and Kuwait all lost between 0.2 and 1.4%.

Bahrain and Oman bucked the downward trend to close up 0.5% and 0.2% respectively.

Outside the Gulf, Egypt’s blue-chip EGX30 index continued its losing streak, slipping 3.6%.

Oil prices changed slightly on Tuesday on lingering supply concerns and worries about a possible global recession.

Brent crude futures fell slightly to $113.28 a barrel and US West Texas Intermediate rose nearly 1.5% to $110.02 a barrel at 9:16 a.m. KST.

Stock market news

Petro Rabigh’s rump offering raised total proceeds of SR390m ($104m) after selling over 23m shares

Middle East Specialized Cables Co. appointed Yahiya Al-Qunaibit as Chairman of the Board and Saad Al-Shammari as Vice Chairman

Two major shareholders of Wataniya Insurance Co. reached an off-market deal in which SNIC Insurance Co. sold a 2.5% stake to EA Juffali and Brothers for SR16.5 million

Jadwa Investment Co. has sold a property located in Riyadh, namely Raud Al Jenan School, for SR27 million

National Industrialization Co. elected Mubarak Al-Khafrah as Chairman and Talal Al-Maiman as Vice Chairman

Gulf General Cooperative Insurance Co. signed a one-year agreement with Al-Rashid Trading and Contracting Co. to provide medical insurance services

Calendar

July 7, 2022

Saudi Exchange to close for Eid Al Adha holiday and resume trading on July 13