Saudi stocks in red despite higher oil prices: Closing bell

  • 10/19/2022
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RIYADH: Saudi Arabia’s main stock exchange ended in red on Wednesday, reversing a two-day gain despite a spike in crude oil prices. The Tadawul All Share Index declined 0.13 percent to end at 11,795, while the parallel market Nomu declined 0.83 percent to finish at 19,561. The decline came despite a 0.42 percent rise from Saudi Aramco, and a 3.25 percent gain in Sahara International Petrochemical Co, known as Sipchem. Saudi National Bank, the Kingdom’s largest lender, gained 0.47 percent, while Saudi British Bank shed 0.69 percent. The Kingdom’s most valued bank, Al Rajhi, fell 0.35 percent, while Alinma Bank was down 2.19 percent. Al Gassim Investment Holding Co. jumped 4.98 percent to lead the gainers, followed by Astra Industrial Group with a 4.13 percent gain. Aldawaa Medical Services Co. added 3.67 percent, while its rival Nahdi Medical Co. edged down 1 percent. Despite leading the gainers in Tuesday’s session, Saudi Paper Manufacturing Co. ended the session with a 6.60 percent decline, leading the fallers in the market.

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