Saudi bourse edges lower as investors weigh omicron risk: Opening bell

  • 12/27/2021
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RIYADH: The Saudi bourse slightly retreated at 10:40 a.m Saudi time amid fears among traders on the spread of omicron. The market saw a wave of volatility trading driven by declines in shares of most major companies. The main index, TASI, fell 0.57 percent to 11,104 points while the parallel market, Nomu, remained flat at 26,554 points. Anaam International Holding Group’s stock rose 2.5 percent following its earlier announcement of a potential acquisition agreement with ARW Industry at an initial purchase of SR23.5 million. The Kingdom"s banking leader, Al Rajhi Bank went down by 0.43 percent to SR139 ($37), followed by further declines in SABIC and Saudi Aramco which fell to SR178 and SR34.5, respectively. Jabal Omar Development Co. lost 3 percent to a one-year low of SR25.2. This followed the developer’s decision to increase its share offer to Alinma Makkah Real Estate Fund’s manager to settle payment obligations. Almunajem Foods fell to its lowest value since its debut on Dec. 20, reaching SR59. The stock saw over SR31.5 million worth of shares traded in the morning. Shares of Dar Al Arkan went up to SR9.9 with 2.8 million shares changing hands in earlier trading. The real estate developer issued clarification on its $2 billion joint investment with Omani Co. for Development and Tourism, which will take place over a period of 7 to 10 years with no financial impact. Saudi Industrial Export Co. led the gainers in early trading, rising by 5 percent to SR105. This was attributed to the company’s adjustment of its proposed capital cut, to be followed by a capital increase via a rights issue.

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