Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: Saudi stocks gained in the first trading session of the week, recovering slightly following steep declines due to fears over interest rate hikes and a potential recession. The main index, TASI, surged 1.8 percent to close at 11,513, while the parallel market, Nomu, shed 0.9 percent to 20,681. Most Gulf stock exchanges advanced in line with Saudi Arabia, with Qatar’s QSI topping the region as it jumped 3.2 percent. Oman and Kuwait added 0.1 and 1.3 percent, respectively, while the Bahraini index slipped 0.4 percent. Apart from the Gulf, the Egyptian blue-chip index EGX30 ended flat. In energy trading, Brent crude futures edged up to $112.9 a barrel by 9:26 a.m. Saudi time after rebounding 2.8 percent on Friday, and US West Texas Intermediate traded at $107.29 a barrel. Arab National Bank’s board recommended a dividend payout of SR750 million ($200 million), or SR0.5 per share, for the first half of 2022 Gulf General Cooperative Insurance Co. appointed Jamal Al-Dabbagh as board chairman and Saud Al-Sulaiman as vice-chairman Amana Cooperative Insurance Co.’s rump offering was 123 percent covered, generating SR104 million in proceeds The boards of the Saudi Exchange and Muqassa provided the necessary approvals for the launch of