RIYADH: Saudi Arabia’s main stock index struggled to regain momentum on Monday. Although it ended in the green, it remained at one of its lowest levels since January.
This followed aggressive interest rate hikes around the world, prompting investors to worry about a possible recession.
At the closing bell, TASI, as the main index is known, added 0.55% to 11,361, while parallel market Nomu was up 1.45% to 21,042.
The other Gulf stock exchanges posted a mixed performance on Monday, led by the decline in the indices of the United Arab Emirates, with Abu Dhabi and Dubai losing 1.1 and 1.6% respectively.
Qatar, Bahrain and Kuwait also fell, while Oman’s stock market rose 0.4%.
Outside the Gulf, Egypt’s blue chip EGX30 index extended its losses to end the session down 0.5%.
In energy trading, Brent rose slightly to $114.95 a barrel and US West Texas Intermediate traded at $111.52 a barrel as of 9:13 a.m. KSA on Tuesday.
Saudi Arabia’s crude oil exports rose 147,000 barrels a day in April to a two-year high of 7.38 million, according to data released by the Joint Organizations Data Initiative.
Stock market news
PIF-owned ACWA Power Co. has secured a SR3 billion ($800 million) deal to develop and construct a 600,000 cubic meter per day water plant in Shuaibah Governorate
Dallah Healthcare Co. has signed an agreement to acquire an additional 19% stake in International Medical Center Co. for SR712 million
Al Hammadi Holding receives shareholder approval to increase its capital by 33.3% to SR 1.6 billion
Al Hammadi Holding has appointed Saleh Alhammadi as Chairman of the Board, Abdulaziz Alhammadi as Vice Chairman and Mohammed Alhammadi as Managing Director and CEO
Nomu-listed National Building and Marketing Co. has hired Yaqeen Capital as an advisor for its transition to the main index TASI
Saudi Automotive Services Co. has started operations at its SR 11 million service station located in the city of Buraydah
Saudi Real Estate Co.’s rump offering was fully subscribed, generating proceeds of SR109m
City Cement Co. appointed Chairman of the Board of Prince Abdulaziz Al Saud and Badr Al Abdullatif Vice Chairman and General Manager
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