Saudi stocks post gains in early trading as oil prices decline

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The Saudi index fell 0.1 percent on Sunday (April 3, 2022), affected by a 1.1 percent decline in the share of the National Commercial Bank and 1.5 percent of Riyad Bank.
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February 27, 2022 3:42 pm
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  • Arabian Mining Co, known as Ma'aden, gained 6.92 percent to top the gainers in early trading after posting a profit of SR5.23 billion ($1.4 billion) in 2021
  • Aramco, the largest player in the Saudi oil market, gained 0.97 percent.

Saudi stocks post gains in the early hours of trading on Sunday due to a dip in the prices of crude oil. Stocks world over posted losses last week as Russia invaded Ukraine, taking over many areas of the western neighbor.

The main index, TASI, gained 2.10 percent to hit 12,556 points, while Nomu rose 0.30 percent to 25,018 points.

Brent crude reached $97.93 a barrel, while US benchmark WTI reached $91.59  a barrel.

Arabian Mining Co, known as Ma’aden, gained 6.92 percent to top the gainers in early trading after posting a profit of SR5.23 billion ($1.4 billion) in 2021.

Sahara International Petrochemical Co., also known as Sipchem, gained 5.73 percent after reporting a 1,942 percent increase in profit for 2021.

Bupa Arabia for Cooperative Insurance Co. led the fallers with a 0.72 percent decline.

In the financial sector, Alinma Bank edged up 3.56 percent, and Al Rajhi Bank rose 2.45 percent. Aramco, the largest player in the Saudi oil market, gained 0.97 percent.

 

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