Commodity Update – Gold Slips; Corn, wheat fall; Argentina expects a corn harvest of 55 million tons
RIYADH: Saudi stocks ended higher for a third straight day on Wednesday, helped by strong earnings results from most listed companies.
TASI, the main index, gained 0.8% to close at 12,431 and the Nomu parallel market edged up 0.13% to 22,227.
Most Gulf peers advanced in line with Saudi Arabia, led by a 0.8% gain for the Abu Dhabi stock exchange.
Dubai, Oman and Qatar added 0.3%, 0.1 and 0.4% respectively, while Bahrain and Kuwait fell 1% and 0.2% respectively.
Elsewhere in the Middle East, the Egyptian EGX30 came out of the session nearly flat.
In energy trading, the price of Brent crude was $97.31 a barrel at 9:16 a.m. KSA on Thursday, while US West Texas Intermediate traded at $91.79 a barrel.
Stock market news
ACWA Power Co. said operations at Umm Al Quwain IWP have been launched, with a production capacity of 682,000 cubic meters per day of desalinated drinking water.
ACWA Power reported a 21% increase in profit to SR542 million ($144 million) for the first half of 2022
Savola Group has reached a SR459 million deal to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited to Taiba Investment Co.
Astra Industrial Group announced a 202% increase in profit to SR 318 million for the first half of 2022
Saudi Co. for Hardware recorded losses of SR 19 million in the first half of 2022. The company has also appointed Sameer Alhamidi as Vice Chairman of the Board effective August 11.
Saudi Vitrified Clay Pipes Co.’s net losses increased by 661% to SR 9 million in the first half of 2022
Eastern Province Cement Co. reported a 41% drop in profit to SR72 million
Walaa Cooperative Insurance Co. got approval from Capital Market Authority to increase its capital to SR 850 million for merger with SABB Takaful
Saudi Arabian Mining Co. announced that the Mansourah & Massarah gold mine plant is nearing completion, adding that pre-commissioning activities have begun
Saudi Industrial Services Co.’s profit fell 93% in the first half of 2022 to SR 3.9 million
August 14, 2022
Saudi Aramco to Announce Financial Results for the Second Quarter of 2022
Closing of the subscription to the IPO of Naba Alsaha Medical Services Co.
August 15, 2022
Naqi Water Co. will start trading its shares on the main market of the Saudi Stock Exchange