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

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

RIYADH: Saudi stocks settled flat on Tuesday, as news over potential global inflation spurred investor worries, while the market continued to see positive earnings reports. The main index, TASI, ended the session flat at 12,545, while the parallel market Nomu edged 0.34 percent lower to finish at 22,034. Stock market gains across the whole region were subdued, amid volatile oil trading due to recession concerns. Abu Dhabi and Bahrain lost 0.2 percent, while Dubai, Oman, Qatar, and Kuwait advanced between 0.2 and 0.5 percent. Outside the Gulf, the Egyptian index EGX30 closed 0.7 percent lower. Brent crude reached $93.31 a barrel by 9:16 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $87.56 a barrel. ACWA Power Co. said it will sign today a $2.4 billion deal with Uzbekistan’s Ministry of Investment & Foreign Trade for a 1,500-megawatt wind project Amana Cooperative Insurance Co.’s net losses narrowed by 50 percent to SR31 million in the first half of 2022 Wataniya Insurance Co. was awarded an SR54 million insurance contract with Samsung C&T Corp. for the NEOM spine water infrastructure Wataniya Insurance saw its losses widen by 44 percent to SR37 million in the first half of 2022