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 started the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February. TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points. The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively. Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session. In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel. Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines Middle East Paper Co. posted a 216 percent leap in