Oil prices fall, set for 4th weekly drop, as demand fears weigh

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 99.6 factors, or 0.88 %, to complete at 11,392.78 on Thursday, as 155 of the 224 shares closed within the inexperienced and 54 within the purple. 

Whereas the parallel market Nomu edged up 0.53 % to shut at 21,263.79, the MSCI Tadawul Index dropped barely by 0.03 % to shut at 1,520.50. 

The overall buying and selling turnover of the benchmark index on Thursday was SR6.16 billion ($1.64 billion).  

Tihama Promoting and Public Relations Co. was the highest gainer of the day, as its share value soared 8.09 % to SR19.50. 

Savola Group and Etihad Etisalat Co. additionally noticed positive aspects, with their respective share costs rising by 4.67 % and 4.45 %. 

The worst performer was Salama Cooperative Insurance coverage Co., which dropped 3.15 % to SR21.24. 

On the bulletins entrance, Etihad Etisalat Co, also referred to as Mobily, reported a forty five.77 % enhance in web revenue to SR465 million in the course of the first quarter of 2023 from SR319 million within the year-ago interval. 

The corporate additionally reported a 6.3 % enhance in revenues to SR4.05 billion between January and March of 2023 from SR3.81 billion throughout the identical interval final yr. 

The rise in Mobily’s income was primarily pushed by development within the enterprise and shopper segments. Its share value closed increased at SR46.90. 

In an announcement to Tadawul, Halwani Bros. Co. additionally reported a pointy decline in web revenue to SR1.64 million within the first quarter of 2023, down 91.65 % from SR19.65 million in the identical interval final yr. 

Its revenues declined 15.36 % to SR255.22 million from SR301.53 million in the course of the interval underneath overview. 

In line with the announcement, the explanations for the decline in efficiency included an increase in rates of interest, uncooked materials inflation and the devaluation of the Egyptian pound. Its share value slipped marginally to SR57.8. 

Nationwide Gasoline and Industrialization Co. reported that its first quarter of 2033 revenues reached SR614.90 million, up 18.89 % from SR517.20 earned within the year-ago interval. 

The corporate accrued a gross revenue of SR90.3 million, up 19 % in comparison with SR75.6 million in the course of the interval underneath overview. Its share value superior 1.5 % to SR61.