TASI  starts on a downward note following the end of earnings season: Opening bell

TASI  starts on a downward note following the end of earnings season: Opening bell

RIYADH: Saudi stocks had a lousy start to the week as the earnings season ended with mixed results, keeping investors on edge. The Tadawul All Share Index began the week 0.94 percent lower at 12,473, while the parallel Nomu edged 0.1 percent down at 21,608 , as of 10:08 a.m. Saudi time. Oil giant Saudi Aramco started the session with a 0.89 percent decline, while Al Rajhi, the Kingdom’s largest valued bank, declined 0.98 percent. The share price of Alinma Bank declined by 0.78 percent, while the Saudi British Bank declined by 1.31 percent. The Saudi National Bank, the country’s biggest lender, slipped 1.40 percent, as it announced the commencement of its additional riyal-denominated sukuk offering on Aug. 28. Alhokair Group’s shares fell 2.24 percent, despite managing to cut down its losses by 49 percent during the first half of 2022. Emaar The Economic City dropped 2.41 percent, after losses widened by 10 percent in the first half of 2022. Al Jouf Cement Co. increased by 0.20 percent, despite a 93 percent decline in profits during the first half of 2022. Naqi Water Co. slid 1.66 percent, after it reported weak first-half profits in its first earnings report since going