Saudi stocks rise as oil climbs back up above $100 a barrel
Saudi stocks opened the week higher on Sunday following yet another rise in oil prices.
The main index, TASI, opened the week 0.52 percent higher to reach 12,835 while the parallel market, Nomu, traded flat at 24,902
In energy markets, oil prices closed the week higher with Brent crude gaining $1.29 to $107.93 a barrel, while WTI crude up $1.72 to $104.70 a barrel.
Saudi Aramco’s shares surged almost 4 percent in early Sunday trading after reporting bumper profits and earnings for 2021.
The company’s share price hit SR43.45 ($11.58) at 10:45 a.m. Saudi time, up from the previous close of SR41.85.
Anaam International Holding Group rose 6 percent to lead the gainers, while Bupa Arabia for Cooperative Insurance Co. fell 2.2 percent leading the fallers, despite leading last week’s gains.
Alkhorayef Water and Power Technologies Co. gained 2.60 percent, despite a 9 percent drop in profit in 2021.
The Saudi Chemical Co. traded flat after reporting a 5 percent decline in profits to SR70 million in 2021.
In the financial sector, Alinma Bank rose 1.34 percent, while Saudi Arabia’s largest valued bank Al Rajhi was flat.
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