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SoftBank’s Vision Fund posts record $26bn loss as tech stocks take a beating

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SoftBank’s Vision Fund posts record $26bn loss as tech stocks take a beating

RIYADH: Saudi Arabia’s stocks extended losses for another day on Wednesday, as oil prices continued to fall.

The main TASI index fell 1 percent to 13,379 after it reached its highest level since 2006 on Monday, while the parallel market, Nomu, dropped 1.8 percent to 22,674.

In line with the Saudi index, the stock exchanges of Abu Dhabi, Dubai, and Kuwait lost between 1.2 and 2.1 percent.

However, Qatar, Bahrain, Oman, and Egypt bourses edged higher, led by a 1.2 percent gain for Bahrain’s BAX.

In energy trading, Brent crude futures slipped $1.25, or 1.2 percent, to $106.26 a barrel by 08.00 AM Saudi time. West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.

Stock news

Chemical giant Saudi Basic Industries Corp., better known as SABIC, saw a 33 percent increase in first-quarter profits, buoyed by 40-percent growth in sales to SR53 billion ($14 billion)

Saudi Airlines Catering Co. swung from losses into profits amounting to SR35 million in the first quarter

Food chain owner Herfy posted a profit surge of 12 percent in the first quarter due to a rise in sales of 5.5 percent

Al-Dawaa Medical Services Co. reported a 10 percent increase in quarterly profits to SR87 million

Takween Advanced Industries Co. turned into losses of almost SR9 million in the first quarter of the current year even as revenue increased

Profits of United Wire Factories, known as Aslak, rose by 61 percent in the first quarter to SR26 million on the back of higher sales

Jarir Marketing Co. completed the sale of a building in Al Khobar at a value of SR178 million

Naseej International Trading Co. got the Capital Market Authority’s approval to reduce capital from SR212 million to SR109 million

Calendar

May 15, 2022

Saudi Aramco will disclose its financial results for the first quarter of 2022

End of Arabian Food & Dairy Factories Co.’s IPO book-building

May 22, 2022

Start of Amwaj International Co.’s IPO book-building

May 25, 2022

End of Amwaj International Co.’s IPO book-building

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