TASI Continues to Win on Strong Earnings: Opening Bell

RIYADH: Saudi stocks stabilized on Thursday, after a 0.75% hike in interest rates by central banks in the Gulf Cooperation Council on Wednesday.

The rise was supported by bank stocks after posting strong profits in the first half of 2022.

The main index, TASI, rose 0.9% to 12,155, while the parallel Nomu market ended up 0.6% at 20,952.

Gulf stock markets were mixed, led by a 1.3% rise in Dubai’s DFMGI.

Qatar and Oman saw fractional gains, while Abu Dhabi and Kuwait fell 0.1 and 0.4 percent, respectively. The Bahraini index, on the other hand, finished flat.

Excluding the GCC, Egypt’s main stock index gained 0.9% on Thursday.

Indices in the United Arab Emirates were supported by higher oil prices on Friday, with Abu Dhabi and Dubai both rising 1.1%.

Brent crude ended the week at $103.97 a barrel, and US benchmark West Texas Intermediate settled at $98.62 a barrel.

Stock market news

Al Rajhi Bank’s net profit jumped 21% to SR8.4 billion ($2.2 billion) due to an increase in net profit in the first half of 2022

Kingdom Holding Co. has acquired a SR1.06 billion stake in UK insurer Pheonix Group, which serves more than 13 million customers in the UK and Europe

The board of directors of United International Transportation Co., or Budget Saudi, has offered to buy back up to 7.12 million shares to hold in cash

Budget Saudi announced a slight profit increase of 5% to SR 123 million for the first half of 2022, as well as dividends of SR 0.5 per share for the same period

Saudi Cable Co. announced the termination of the contract of its CEO Abdulhadi Abu Al-Khair, who will retain his seat on the company’s board of directors.

Nama Chemicals Co. saw its profit jump 207% to SR60 million in the first half of 2022

National Medical Care Co. has signed a memorandum of understanding with Smartmed Investment Co. to fully acquire Jiwar Medical Services Co.

Mohammed Hasan AlNaqool Sons Co. Secured Shariah Compliant Funding Worth SR15 Million

The Saudi Investment Bank, or SAIB, saw its profit rise 21% to SR608 million, buoyed by higher operating profit in the first half of 2022


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