Saudi stocks in green as investors’ fears ease
The Kingdom’s most valued bank, Al Rajhi, climbed 2.08 percent, while Alinma Bank was up 0.85 percent.
Saudi Arabia’s main index recovered some of its losses on Monday as investors eased their concerns about high inflation in the country while they await the release of further earnings results.
The Tadawul All Share Index rose 1.41 percent to end at 11,566, while the parallel market Nomu added 0.25 percent to finish at 19,794.
The gain was led by a 0.57 percent leap in oil behemoth Saudi Aramco, and a 0.7 percent gain in Rabigh Refining and Petrochemical.
Saudi National Bank, the Kingdom’s largest lender, gained 0.66 percent, while Saudi British Bank surged 4.35 percent.
The Kingdom’s most valued bank, Al Rajhi, climbed 2.08 percent, while Alinma Bank was up 0.85 percent.
Saudi chemical manufacturer SABIC rose 1 percent, after it announced the start of commercial operations at United Ethylene Glycol Plant 3.
Aldrees Petroleum and Transport Services Co. gained 1.52 percent, after it posted a 39 percent jump in profits during the first nine months of 2022 to SR170 million ($45 million).
Saudi Ceramic Co. fell 0.37 percent, following a 29 percent drop in profits for the first nine months of the year to SR132 million.
Al Moammar Information Systems Co. edged down 0.78 percent, having appointed Abdullah Ghazi Al-Ghamdi as its CEO.
ACWA Power Co. added 5.60 percent to lead the gainers, while Saudi Enaya Cooperative
Insurance Co. declined 3.09 percent to lead the fallers.
Three IPOs
The Capital Market Authority has cleared three applications for initial public offerings in the midst of the current boom in bourse listings in the Kingdom.
The stock market regulator approved the application of Saudi cable producer Riyadh Cables Group, with 33 million shares to be offered on the main stock exchange, representing 22 percent of the firm’s capital.
Real estate developer Al Ramz Real Estate Co. will also offer over 3 million shares on Nomu-Parallel Market, amounting to 10 percent of its total capital, the CMA said in a statement.
Eying to be also listed on Nomu, Nofoth Food Products Co. will offer over 288,000 shares, equivalent to 12 percent of its total capital.