Egypt launches new fund to prepare government companies for IPOs

RIYADH: Saudi stocks finished Monday’s session in the red as the Organization of the Petroleum Exporting Countries and its allies agreed to a small production cut to bolster prices.

The main index TASI slid 0.8 percent to finish at 12,099, while the parallel Nomu market declined 1.7 percent to 21,274.

Abu Dhabi’s bourse recorded the steepest decline among Gulf markets, falling 1.2 percent.

This was followed by an average drop of 0.8 percent in Abu Dhabi, Qatar, and Kuwait. The Omani index added 0.4 percent, while Bahrain’s BAX was flat.

Outside the Gulf, Egypt’s EGX30 surged 1.8 percent.

Oil prices rose on Tuesday following the OPEC+ decision, Brent crude reached $95.01 barrel and US West Texas Intermediate traded at $88.63 a barrel by 8:30 a.m. Saudi time.

Stock news

Banque Saudi Fransi appointed Bader Hamad Alsalloom as its CEO

BinDawood Holding Co. announced that its CEO Ahmad Abdulrazzag BinDawood resigned effective Sept. 4

Saudi Parts Center Co. saw its profit slightly rise to SR2.8 million in the first half of 2022

Obeikan Glass Co. will distribute SR2 per share in cash dividends for the first half of 2022

Enma AlRawabi Co. posted a slight decline in profits of 3 percent to SR12 million during the first half of the year

United Electronics Co., or eXtra, obtained approval from the Capital Market Authority to increase its capital by 33 percent in support of the firm’s financial position

East Pipes Integrated Co. received CMA’s approval to increase its capital to SR315 million

Saudi National Bank appointed Huda Bin Ghoson as a member of the board effective Sept. 5

Rawasi Albina Investment Co. reported a 6 percent drop in first-half profit to SR9.5 million

Aljouf Mineral Water Bottling Co. reappointed Ashry Saad Al-Ashry as board chairman


September 7, 2022

Naba Alsaha Medical Services Co. will make its Tadawul debut

September 11, 2022

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

September 13, 2022

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


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