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RIYADH: Saudi Arabia’s main stock market ended with another sharp drop on Monday as worries about the global economy and mixed earnings reports dampened investor optimism.

TASI lost 0.8% to 12,235, while parallel market Nomu added 0.15% to 22,363.

The Dubai stock market led the drop in the Gulf losing 2.5%, followed by the Abu Dhabi and Kuwait indices, which fell 2.2 and 1.5%, respectively.

Bahrain and Oman’s stock exchanges fell slightly, while Qatar’s QSI reversed the trend to close up 1.4%.

Elsewhere in the Middle East, Egypt’s main index rose 0.5% in the previous session.

In energy trading, worries about a possible recession and China’s COVID-19 restrictions sent oil prices tumbling on Tuesday.

Brent crude fell to $112.06 a barrel and US West Texas Intermediate fell to $108.97 a barrel as of 9:06 a.m. KST.

Stock market news

SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., made a profit of SR1.43 billion ($382 million) in the first quarter of 2022

Saudi Real Estate Co. losses widen 539% to SR29.4m in first quarter despite surging sales

Shareholders of Etihad Etisalat Co., known as Mobily, have approved the board’s proposal to pay SR0.85 per share in dividends for 2021

Alkhaleej Training and Education Co. losses reduced by 33% to SR 5.09 million in Q1 2022

Alhokair Group saw its losses narrow by 48% in the first quarter to SR 31 million

National Gypsum Co.’s profit fell 77% to SR3.2m in first quarter

Basic Chemical Industries Co. said it will not distribute cash dividends to shareholders for 2021

Al Moammar Information Systems Co., also known as MIS, announced a 50% decline in quarterly profit to SR4.6 million

Riyadh Cement Co. shareholders approved a dividend distribution of SR 0.75 for the second half of 2021

Al-Babtain Power and Telecommunication Co. reported a 43% drop in profit to SR 8.7 million in the first quarter

Allied Cooperative Insurance posted a net loss before Zakat of SR 29.6 million in the first quarter, compared to SR 3.4 million profit a year ago

National Metal and Manufacturing Co. slightly widened its losses in the first quarter from SR 7.08 million to SR 7.14 million

Raydan Food Co.’s losses were reduced by 49% to SR4.7 million in the first quarter, as its cumulative losses reached 48% of the capital

Scientific & Medical Equipment House reported a 10% drop in first quarter profit to SR 16.8 million

Jazan Energy and Development Co. reported a 75% jump in profit to SR 3.56 million for the first quarter of 2022

Salama Cooperative Insurance Co. turned into a net loss of SR 6.8 million before Zakat in the first quarter of 2022

Al Jouf Cement Co. has filed with the Capital Market Authority as it seeks to reduce its capital by SR343 million

Saudi Arabia Refineries Co. suffered losses of SR 658,446 in the first quarter of 2022

Middle East Specialized Cables Co.’s Q1 profit fell from SR 900,000 to SR 100,000 despite a 68% increase in sales

Amana Cooperative Insurance Co. has obtained CMA approval to raise its capital by SR300 million through a rights issue

Development Works Food Co. reported losses of SR 2.26 million last quarter due to rising costs

Arabia Insurance Cooperative Co.’s application to raise capital by SR265 million has been approved by CMA


May 24, 2022

Naseej for the listing of Communication and Information Technology Co. on Nomu

May 25, 2022

End of subscription to the IPO of Amwaj International Co.

Listing of Aqaseem Factory for Chemicals and Plastics Co. on Nomu

May 26, 2022

End of the IPO of Ladun Investment Co.

May 30, 2022

Closing of trading in Anaam International Holding Group’s rights

June 2, 2022

Closing of the subscription for new shares of Anaam International Holding Group