U.S. crude inventories pile up more than expected: EIA

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 10,531.83 on Thursday, down 0.07 points, as global economic winds dampened investors’ appetite for new risk.

“The Tadawul Index has seen no significant change as caution continues, and it looks like risk aversion is prevailing at the moment,” said Raed Mohamed Diab, vice president of investment strategy and Kuwait-based Kamco Invest research to Arab News.

TASI’s total transaction revenue fell 18% to SR3.69 billion ($980 million) from Wednesday’s SR4.51 billion, despite the expansive market which recorded 152 of the 223 gains listed and 48 in red.

On the sector front, 14 of 21 rose while seven fell.

The parallel market Nomu and MSCI Tadawul 30 index also fell flat to close at 19,304.73 and 1,465.68, respectively.

“Concerns over global oil demand along with the continued challenges China is facing with the spread of the COVID-19 virus and declining economic activity in major global markets have led to lower oil prices,” he said. said Diab.

On Thursday, Brent crude rose 2.3% to $79.59 a barrel as of 2:16 p.m. Riyadh time, while U.S. West Texas Intermediate crude gained 2.2% to $74.47, recovering from higher big loss over two days for the start of a year in three decades. .

“With fluctuating oil prices and the uncertainties we see in global markets, volatility is expected to continue in the period ahead,” Diab added.

Stock markets in the Gulf Cooperation Council region, however, broke the deadlock on Jan. 5, with all indices except Dubai and Abu Dhabi advancing. The Qatar Stock Exchange, in fact, rose 300.19 points to close at 11,145.31.

Meanwhile, the biggest gainer Tadawul Etihad Atheeb Telecommunication Co. jumped 9.98% to SR58.40, followed by National Company for Learning and Education and Dur Hospitality Co., which added around 6% for close at SR 75.8 and SR 21.50. , respectively.

From an announcement perspective, Jahez International Company for Information Systems Technology on Thursday informed Tadawul that it has completed all procedures related to its acquisition of Marn Business Information Technology Co.

Last October, the company signed a share purchase agreement to fully acquire MBIT for SR60 million, and the financial impact of this agreement will be reflected in the first half of 2023. Its share price jumped by 1 .16% to 677.80 SR on Thursday.

Alinma Retail REIT Fund also announced the completion of the acquisition of an office and retail building in Riyadh. The fund manager said in a statement to the exchange that the purchase price is SR52 million and the brokerage fee is SR500,000. Its share price climbed 1.62% to SR 5.03.

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