RIYADH: Saudi shares fell on Tuesday, extending losses for another session as investors weighed the impact of a potential economic slowdown.

TASI, as the main index is known, fell 0.27% ending the day at 12,020, while the parallel market, Nomu, added 0.21% to 21,505.

Bahrain and Kuwait lost 0.5% each, and Oman’s index remained almost stable.

Elsewhere in the Middle East, the Egyptian EGX30 lost 0.3%.

However, other Gulf exchanges including Abu Dhabi, Dubai and Qatar bucked the downward trend to close higher in the previous session.

In the energy market, Brent crude was trading at $121.54 a barrel and US West Texas Intermediate at $119.27 as of 9:22 a.m. KST on Wednesday.

Stock market news

• Arabian Centers Co. and Riyadh Capital Co. have signed agreements to set up two real estate investment funds worth SR6.2 billion ($1.7 billion) to develop a center in Riyadh and one in Jeddah

• Almunajem Foods Co. Secured SR200 Million in Sharia Compliant Financing from Al Rajhi Bank

• Saudi Paper and Manufacturing Co. sold land belonging to one of its subsidiaries in Riyadh for SR24.8 million

• Raoom Trading Co. shareholders approved the payment of a semi-annual dividend of SR1.25 per share

• Al Khaleej Training and Education Co. plans to buy back 300,000 of its shares which will be held as treasury shares as long-term incentive shares for senior executives

• OHR Co. has completed the acquisition of Bloovo Co. Ltd, 40% owned by Saudi Maharah Human Resources Co.

• Saudi Azm for Communication and Information Technology Co. has won a contract worth SR16.5 million to develop digital portals and smart apps for the Ministry of Finance

• Saudi Automotive Services Co. shareholders approved distribution of SR0.25 per share in dividends for 2021

Calendar

June 16 — Amwaj International Co. will begin trading its shares on the Nomu parallel market

June 21 – Rabigh Refining and Petrochemical Co. rights trading ends.

June 26 — End of Rabigh Refining and Petrochemical Co.’s subscription to new shares