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All you need to know as Tadawul wraps up the trading week

RIYADH: Saudi stocks advanced on Wednesday, after the International Monetary Fund said it expects the Kingdom’s economy to more than double in 2022. TASI closed 1.2 percent higher at 13,668, with Saudi Home Loans soaring 30 percent on its trading debut. However, Saudi’s parallel market Nomu was down 0.6 percent to 23,934. Elsewhere in the Gulf, Abu Dhabi and Bahrain’s indexes

Saudi lender Bank Albilad posts 25% growth in Q1 profit

RIYADH: Saudi Arabian lender Bank Albilad has reported 25 percent growth in its profit to SR490 million ($130 million) in the first quarter of this year. The bank’s profits soared, when compared to the previous year, as well as sequentially, and were up 15 percent on a quarterly basis, according to a bourse filing. It attributed the increase in net profit to higher income from

Saudi SASCO adds another $530m loan for gas station operator acquisition

RIYADH: The Saudi Automotive Services Co., known as SASCO, has added to its financing for its NAFT acquisition with a SR1.98 billion ($530 million) loan from Al Rajhi Bank. The Shariah-compliant deal comes as an extension to a SR375 million loan from Bank Albilad, and a SR504 million loan from Riyad Bank obtained earlier this year. Saudi-listed SASCO operates car service

Saudi stocks down on inflation worries: Opening bell

RIYADH: Saudi stocks were down during the early trading session on Thursday as investors awaited a new set of corporate results to determine the effects of inflation. The main index, TASI, fell 0.27 percent to 13,503, while the parallel market, Nomu, opened flat at 24,299, as of 10:09 a.m. Saudi time. Wataniya Insurance Co. jumped 9.96 percent, as it announced getting its

Saudi TASI flat as multiday sentiment-driven rally pauses: Opening bell

RIYADH: Saudi Arabia’s main stock index opened flat on Wednesday after a multiday rally, even as investor sentiment was fueled by positive market cues. As of 10:13 a.m. Saudi time, TASI was flat at 13,641 points, while the parallel market Nomu edged 0.2 percent higher to 24,319. Bank Albilad led the gainers, rising 7.4 percent after it got approval to increase capital to SR2.5

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