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ACWA Power announces 2 million share buyback and 8.3% dividend for 2022

RIYADH: Shareholders of Saudi energy firm ACWA Power have approved the buyback of 2 million shares. The decision was taken during the extraordinary general meeting held on June 22. According to the company’s disclosure to the Saudi Stock Exchange, the shares will be utilized in the employee stock incentive program. In addition, the buyback is to be financed from the firm’s resources, ACWA Power revealed. The board of directors will complete the buyback within 12 months from the EGM date.
Business

Saudi stock market closes with modest gains as TASI increases by 35 points

RIYADH: On its first trading day after the Eid holidays, Saudi Arabia’s stock market saw a muted performance, with its Tadawul All Share Index rising 34.93 points — or 0.3 percent — to close at 11,493.91 points.   While MSCI Tadawul Index inched up 0.4 percent to 1,516.30 points, the parallel market Nomu fell 4.22 percent to close at 25,043.16.   The total trading turnover of the benchmark index was SR4.56 billion ($1.22 billion) as 143 of the 228 listed stocks advanced, while 60 retreated.  
Business

Crude Oil Stabilizes Amid Fuel Demand Worries and Weak China Data

RIYADH: Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in US inventories, as attention shifted back to rising interest rates denting global economic growth.  Brent crude futures was up 37 cents, or 0.50 percent, to $74.40 a barrel by 02:41 p.m. Saudi time, while US West Texas Intermediate crude futures rose 39 cents, or 0.56 percent, to $69.95 a barrel.
Business

China’s industrial profits decline, worsening economic gloom

BEIJING: Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery.  The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of an economy that was losing steam on many fronts in May including retail sales, exports and property investment as the youth jobless rate scaled a fresh high of 20.8 percent. 
Business

Survey shows US oil and gas production slowing amidst high demand

RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown. The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts. 
Business

Saudi main index ends week in red before Eid holidays

RIYADH: Saudi Arabia’s Tadawul All Share Index ended its trading on Thursday in the red, as it shed 7.19 points, or 0.06 percent, to close at 11,458.98.   The exchange will remain closed from June 23 as a part of the Eid Al-Adha holidays and trading will resume on July 2.   The total trading turnover of the benchmark index was SR6.33 billion ($1.69 billion) as 95 stocks advanced, while 124 retracted.   While the parallel market Nomu dropped by 1,118.48 points to close at 26,147.86, the MSCI Tadawul Index dipped slightly to end the day at 1,510.25.  
Business

Saudi benchmark index closes at 11,420 with 95-point drop

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Monday, as it shed 95.19 points, or 0.83 percent, to close at 11,421.70.   The upward movement of the Kingdom’s parallel equity market, Nomu, also came to an end after four days as it dipped 2.81 percent or 813.22 points, to close at 28,174.84.   The MSCI Tadawul Index also dropped 0.71 percent to close at 1,508.36.  The total trading turnover of the benchmark index was SR6.07 billion ($1.62 billion), as 32 stocks advanced, while 188 retracted.  
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