TASI extends day 3 gain amid strong earnings season: opening bell

RIYADH: The Saudi stock market extended gains for a third straight day on Wednesday as strong earnings results and rising oil prices continued to boost investor sentiment.

TASI closed up 1.17% to a 16-year high of 12,495, with PIF-owned digital security company Elm leading the gainer in its trading debut up 30%.

Nomu, the parallel market, advanced 0.53% to 25,287 points.

Alongside the Saudi index, Dubai, Bahrain and Kuwait posted significant gains on Wednesday, all up 1.2-1.8%.

Abu Dhabi’s FTSE ADX Broad Index rose 0.7% to a record high.

Stock exchanges in Qatar and Oman edged up 0.3 and 0.2%, while Egypt’s EGX30 index ended flat.

In energy trading, Brent crude rose to $93.73 a barrel and US benchmark WTI was trading at $92.48 a barrel as of 8:05 a.m. KST.

Stock market news

  • Saudi Ceramic Co. saw its 2021 profit soar nearly triple to SR233 million ($62 million). The company will distribute cash dividends of SR59.8 million, or SR0.75 per share, for the second half of 2021

  • Al-Jouf Agricultural Development Co. announced the signing of a SR 186 million loan agreement with the Agricultural Development Fund

  • Saudi Steel Pipe Co. made a net profit of SR 900,000 in 2021, after erasing the loss of SR 34.5 million from the previous year

  • Saudia Dairy and Foodstuff Co., or SADAFCO, has secured board approval to build a new depot in Makkah for SR27 million

  • Anaam Holding Group has signed an initial agreement to potentially acquire private office buildings in Jeddah for SR325 million

Calendar

February 17, 2022

  • End of subscription by individual investors to Tibbiyah’s IPO

  • Completion of Al Dawaa Medical Services Co IPO process.

February 20, 2022

  • Advanced Petrochemical Co. will distribute dividends for the fourth quarter of 2021 at SR 0.65 per share, for a total of SR 140.7 million

February 21, 2022

  • Bank AlJazeera to distribute SR 0.35 per share for the second half of FY2021

  • United Wire Factories, also known as Aslak, will pay SR 0.45 per share as dividends

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