Saudi stocks open higher; oil prices rise again: Opening bell

  • 4/12/2022
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RIYADH: Saudi stocks rose for the third day in a row during the morning session Tuesday despite higher oil prices. Early in the day, Brent crude was trading at $101.54 a barrel and West Texas Intermediate was trading at $97.38 a barrel, as of 10:05 a.m. Saudi time. The main index, TASI, gained 0.13 percent to 13,500, and the parallel market Nomu advanced 0.15 percent to 24,082 as of 10:07 a.m. Saudi time. Almunajem Foods Co. led the gainers with a 6.55-percent gain, while Eastern Province Cement Co. led the laggards with a 2.04-percent decline. In the financial sector, the Saudi National Bank and Al Rajhi Bank saw their shares rise 0.36 percent and 1.36 percent, respectively. Further in the financial sector, Bank Albilad gained 3.32 percent, after it got its general assembly"s approval to increase its capital to $2.6 billion. Shares of Saudi pharma giants Aldawaa Medical Services Co. and Nahdi Medical Co. rose 0.37 percent and 0.46 percent, respectively. Saudi Aramco, the largest player in the Saudi oil market, opened today"s trading session 0.12 percent higher.

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