Saudi Arabia: Saudi stocks slipped on Tuesday, tracking a trend in the region as market sentiment remained negative due to continued recession fears and oil volatility.

TASI finished the session 1.1 percent lower at 12,420, while the parallel Nomu fell 0.8 percent to 21,562.

The Qatari index underperformed Gulf peers as it dropped 1.5 percent, while Abu Dhabi and Dubai lost 0.2 and 0.5 percent, respectively.

Oman edged 0.3 percent lower and Bahrain closed almost flat. However, Kuwait’s bourse bucked the trend to end 1.7 percent higher.

Elsewhere in the Middle East, the Egyptian index extended losses from a day earlier by 1.1 percent.

Oil prices jumped more than $3 a barrel as investors eyed potential OPEC+ supply cuts to support prices.

Brent crude reached $100.02 a barrel on Wednesday, and US benchmark West Texas Intermediate rose to $93.65 a barrel by 9:12 a.m. Saudi time.

Stock news

Savola Group’s first-half profit surged 37 percent to SR485 million ($130 million)

BinDawood Holding Co. will distribute SR0.9 per share in cash dividends, despite reporting a 31 percent profit drop for the first half of 2022

Dar Alarkan Real Estate Development Co. recorded a 515 percent profit jump to SR313.6 million for the first half of 2022

Academy of Learning’s shareholders approved a half-year cash dividend of SR1.5 per share

Seera Group Holding’s losses narrowed by 43 percent to SR131 million during the first half of 2022

Knowledge Economic City’s losses widened by 21,545 percent to SR15 million during the first half of 2022

Aldawaa Medical Services Co. announced dividends of SR1.25 per share, following a 27 percent profit surge for the first half of 2022

Gas Arabian Services Co. was awarded an SR24 million deal from SABIC to provide maintenance services to its Petrokemya plant

Alhasoob Co.'s profit dropped 40 percent in the first half of 2022 to SR3.4 million

Aqaseem Factory for Chemicals and Plastics Co. reported a 57 percent decline in profit for the first half of the year to SR1.7 million

Al Hammadi holding saw its profit jump by 68 percent to SR127 million during the first half of 2022

Amana Cooperative Insurance Co.’s accumulated losses were cut to 45 percent of capital following the completion of a 231 percent capital increase

Saudi Marketing Co. posted a higher first-half profit of SR12 million due to a rise in Farm Superstores’ retail revenue

National Gypsum Co.’s net profit dropped 72 percent to nearly SR5 million in the first half of 2022

Calendar

August 25, 2022

End of the earnings season for the second quarter of 2022

September 11, 2022

Start of Arabian Plastic Industrial Co.’s IPO book-building

September 13, 2022