RIYADH: Saudi Arabia’s main stock market recorded its first monthly decline of 2022 in May, as investors fretted over the slowdown of the global economy.

TASI ended the month 5.9 percent lower at 12,921, after adding 0.11 percent in Tuesday’s trading session.

Most Gulf indexes surged on Tuesday in line with Saudi Arabia, with Abu Dhabi gaining 1.5 percent ahead of its largest-ever listing of petrochemicals firm Borouge.

Stock exchanges of Dubai, Qatar, Bahrain, and Kuwait advanced between 0.1 and 0.7 percent, while the Omani index lost 0.5 percent.

Elsewhere in the Middle East, Egypt’s EGX30 index was up 0.4 percent.

Oil prices extended gains on Wednesday. Brent crude added nearly 1 percent to $122.84 a barrel and US West Texas Intermediate traded at $115.39 a barrel as of 9:24 a.m. Saudi time.

Stock news

Saudi Aramco awarded a deal worth SR145 million ($39 million) to Group Five Pipe Saudi Co. for the supply of spiral steel pipes

Shareholders of Banan Real Estate Co. approved a dividend payout of SR6 million for the second half of 2021

Amwaj International Co.’s initial public offering was 976 percent oversubscribed, with an offer price of SR72 per share for a potential Nomu listing

Etihad Atheeb Telecommunication Co.’s losses slightly narrowed to SR37.4 million in the fiscal year ended March 31, 2022, supported by higher sales

Saudi Reinsurance Co. hired Al Rajhi Capital as a financial advisor to manage the subscription to rights issue amid a capital hike plan to SR1.34 billion   

National Building and Marketing Co. refiled an application for the transition from Saudi exchange’s Nomu parallel market to the main market

Alinma Bank appointed Abdulmalik Al-Hogail as board chairman and Saad Al-Kroud as vice chairman for a three-year term

Al Hassan Ghazi Ibrahim Shaker Co. received the Capital Market Authority’s approval to increase its capital to SR249 million

Al Hassan Ghazi Ibrahim Shaker Co. signed an initial agreement with Italy’s Bompani to establish a joint venture cooker factory

National Gypsum Co. named Ahmed Al-Thenayan as chairman, Fahad Al-Thenayan as managing director, and Saud Al-Thenayan as vice president

Najran Cement Co. obtained a Shariah-compliant loan worth SR279 million to finance working capital

Calendar

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription

June 6, 2022

End of Saudi Real Estate Co.’s rights trading

June 9, 2022

Close of Saudi Real Estate Co.’s new shares subscription