Oil Updates – Crude Slides; Japan will take time to phase out Russian imports; Chinese oil imports rebound in April

RIYADH: Saudi Arabia’s main stock market, Tadawul, gained on Sunday as it reopened after the Eid break amid rising oil prices.

TASI, the main index, added 0.6% to 13,820 points, while the parallel market Nomu fell 1.5% to 23,547 points.

Elsewhere in the Gulf, stock markets in Qatar, Bahrain, Oman and Kuwait all fell slightly.

Egypt, on the other hand, recorded gains of 0.6%.

Oil prices extended their gains on Monday after posting their second consecutive week of gains a few days earlier.

Brent crude oil hit $112.7 a barrel and the US benchmark WTI reached $109.92 a barrel at 8:04 a.m. KST.

Stock market news

Al Rajhi Bank shareholders approved board recommendation to raise capital to SR40 billion ($10.7 billion) and distribute cash dividends of SR1.4 per share for 2021

Halwani Bros Co. reported a 22% drop in profit to SR 19.7 million in the first quarter as global inflation increased its cost burden

Al Khaleej Training and Education Co. appointed Abdul Aziz Al-Rashed Chairman of the Board and Ahmed Al-Shadawi Vice Chairman

National Gas and Industrialization Co. Signed Initial Agreement with Makeen Energy to Increase Operational Efficiency and Strengthen Investments in Gas Supply Sectors

The Board of Amana Cooperative Insurance Co. has proposed to raise capital through a SR300 million rights issue to support the company’s future plans

Al-Rajhi Cooperative Insurance’s net profit fell 40.5% to SR40 million in Q1

Shares of Saudi Cable Co. will be suspended from trading from Monday until the publication of its 2021 annual financial results

Zamil Industrial Investment Co. announced the resignation of its CEO Abdulla Al-Zamil and the appointment of Mohammed Al-Sahib with immediate effect

Zamil Industrial has also appointed Abdulla Al-Zamil as Chairman of the Board and Bander Al-Zamil as Vice Chairman for a three-year term.

Alkhabeer REIT unitholders are expected to receive quarterly dividends of SR17.6 million in total for the period ending March 31

Schedule

May 11, 2022

Launch of the IPO of Arabian Food & Dairy Factories Co.

May 15, 2022

Saudi Aramco to Release First Quarter 2022 Financial Results

End of the IPO of Arabian Food & Dairy Factories Co.

May 22, 2022

Beginning of the IPO of Amwaj International Co.

May 25, 2022

Completion of Amwaj International Co.’s IPO.