Careem acquires money transfer technology platform Denarii

RIYADH: Saudi stocks ended their first trading session of July in the red, rising after the market lost 11% in June as investor optimism was dampened by fears of an interest rate hike. ‘interest.

At Sunday’s closing bell, TASI fell 0.51% to 11,464, while parallel market Nomu plunged 2.33% to 21,082.

This was led by a 0.39% decline in Saudi Aramco, the biggest player in the Saudi oil market, and a 2.55% decline in the Kingdom’s largest bank, Al Rajhi.

The Saudi National Bank, one of the Kingdom’s biggest lenders, added 0.91%, after announcing SR4.92 billion ($1.31 billion) in dividends for the first half of 2022.

Wafrah for Industry and Development Co. fell 6.82% to lead the fallers, followed by Al-Baha Investment and Development Co., which fell 6.04%.

Abdullah Al Othaim Markets Co. edged up 2.13%, following news that its mall had canceled its initial public offering.

Al Moammar Information Systems Co. added 0.74%, after receiving SR34 million ($9 million) from Saudi Co. for a full technical and security check and SR21.9 million from King Abdulaziz City for science and technology.

Oil prices closed on Friday with U.S. West Texas Intermediate crude at $108.43 a barrel and Brent crude at $111.63 a barrel.