Stocks open flat as investors grapple with Ukraine tensions: Opening bell

  • 3/23/2022
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RIYADH: Saudi stock market indices opened flat amid increased uncertainty about global economic headwinds as the Russia-Ukraine crisis drags. The main index, TASI, opened 0.06 percent lower to reach 12,874, while the parallel market, Nomu, edged down 0.08 to reach 24,444. In the energy market, Brent crude oil hovered at $116.37 per barrel as US WTI crude oil reached $109.93 per barrel, at 10:22 a.m. Saudi time. Saudi Cable Co. climbed 6.06 percent to top the gainers, while Advanced Petrochemical Co. was down 1.40 percent leading the laggards. Saudi Arabian Cooperative Insurance Co. shed 0.60 percent, after reporting losses of SR55 million ($14 million) before Zakat during 2021. The shares of Saudi Aramco, the largest player on the Saudi oil market, edged down 1.28 percent. Saudi Airlines Catering Co. rose 1.65 percent, after reporting that it earned SR14 million in profits in 2021 following a net loss in the prior year. In the financial sector, Alinma Bank gained 0.80 percent, while Saudi"s largest bank Al Rajhi shed 0.39 percent. United Cooperative Assurance Co. dropped 0.16 percent, after it reported extended losses of 313 percent to SR65 million before Zakat during 2021.

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