Dubai sets 2022 fiscal budget spending at $ 16.3 billion

RIYAD: The Saudi stock market ended the first trading day of 2022 up, despite omicron fears fueled by an increase in cases regionally and globally.

Shares in the main TASI index edged up 0.45% to 11,332 points. In the parallel market, Nomu posted gains of 1.15% to close at 26,276 points.

Al-Moammar Information Systems, or MIS, posted the largest gains, up 8% to SR163 ($ 43.4). This followed a notice from Saudi Fransi Capital to activate the first phase of their agreement to build six data centers with an initial value of SR 1.2 billion.

The shares of Al Rajhi Bank and ACWA Power contributed the most to TASI’s increase. Together, they saw over 628 million SR of shares traded during the day, reaching 143 SR and 85 SR respectively.

With the latest gain, utility provider ACWA Power recorded an all-time high closing high.

Petro Rabigh shares rose more than 1% to near SR21. This happened when the company received SR 2.84 billion in prepayment of a loan to Rabigh Arabian Water and Electricity Co., known as RAWEC.

Sadr Logistics was the biggest loser, 10% to close at 92.2 SR, despite exiting up 184% the previous year.

Allied Cooperative Insurance Group shares, ACIG, fell to SR22.7. Earlier today, the group announced the start date of its rights issue subscription on January 3, as part of a capital increase to SR 291 million.

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