Spurred by yet another round of increase in oil prices, shares on Saudi stock exchanges opened higher on Sunday with the main index, TASI, gaining 0.52 percent in the opening trade while the parallel market, Nomu, trading 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.