RIYADH: Saudi stocks returned to positive territory after slipping steeply at the beginning of the week, however, major central banks’ interest rate hike plans and recession risks remain concerns for investors.
The Tadawul All Share Index rose 0.50 percent to end Tuesday at 11,503, while the parallel market Nomu traded flat at 20,218.
In the same direction, the UAE’s stocks also ended Tuesday higher, with Dubai’s main share index up 0.7 percent and Abu Dhabi’s index up 0.4 percent.
In Qatar, the index closed 0.6 percent higher, while in Egypt, the blue-chip index closed 1 percent higher.
In energy trading, Brent crude reached $91.19 a barrel, while US West Texas Intermediate traded at $884.46 a barrel, as of 9:08 a.m. Saudi time.
Stock news
The Saudi Exchange has announced the delisting of a government debt worth SR335 million ($89 million) due to maturity.
Saudi Fisheries Co. has signed a non-binding agreement with Oman Fish Co. for the purpose of strengthening cooperation in fisheries and fish farming.
Saudi Enaya Cooperative Insurance Co. received approval from the CMA to reduce its capital by SR50 million to SR100 million.
Al Sagr Cooperative Insurance Co. has received approval from the Saudi Central Bank to reduce the company’s capital by SR260 million.
Dallah Healthcare Co. declared SR1 dividends to shareholders for the first half of 2022.
Taiba Investments Co.’s shareholders approved the purchase of all Savola Group Co. shares in Knowledge Economic City Co. for SR459 million.
Savola Group Co.’s shareholders agreed to sell all of Savola’s shares in Knowledge Economic City Co. to Taiba Investments Co. for SR459 million.
Public Investment Fund’s digital security firm Elm Co. will distribute SR2 per share as dividends for the first half of the year.
Al Sagr Cooperative Insurance Co. reported a 36 percent drop in profits for the first quarter to SR25 million.
Abdullah Saad Mohammed Abo Moati for Bookstores Co.’s shareholders approved the distribution of SR0.5 per share for the financial year ending March. 31, 2022.
Red Sea International Co. reduced its accumulated losses to 20 percent of its capital.