RIYADH: Saudi Arabia’s stock market eked out a muffled gain of 26.98 points to close at 10,248 on Wednesday, exercising caution ahead of the US Federal Reserve’s interest rate decision. The Tadawul All Share Index touched a high of 10,386 at 10:27 a.m. Saudi time, spurred by the brief optimism around US inflation data reporting a less-than-expected increase over the last month. The parallel market Nomu also fell 75 points to end at 18,641.19. “Trading activity dropped slightly as investors awaited the US Fed Reserve’s view on future rate hikes in its final rate hike move for the year today,” Junaid Ansari, senior vice president of investment strategy and research at Kamco Investment Co., told Arab News. However, the advance-decline ratio was positive as 154 stocks of the total 220 advanced, while 49 declined. The total trading turnover was nearly SR5.2 billion ($1.38 billion). “Saudi market was up for the second consecutive day, albeit marginally, mainly reflecting gains for most sectors that was partially offset mainly by a drop in the banking sector index,” said Ansari. The Healthcare Equipment & Services Index closed 4.43 percent higher to culminate at 9,175.39 points. The Diversified Financials Index rose 3.79 percent to finish at 6,097.93, while Software & Services Index scaled 3.59 percent to conclude at 36,142.67. “The positive performance was in line with the broader GCC (Gulf Cooperation Council) market, with gains in five out of the seven regional exchanges,” added Ansari. The GCC markets that took a hit included Qatar Stock Exchange, which closed 0.93 percent lower to wind up at 11,080.21 points. The Muscat Stock Exchange also slipped 0.06 percent at 4,866.48. The oil prices hike on Wednesday also played a positive part in lifting regional sentiments. “The gains in crude oil prices that breached the $80 per barrel mark and traded at $81.3 per barrel also supported regional benchmarks,” said Ansari. Wednesday marked the subscription process of Saudi Aramco Base Oil Co., also known as Luberef, for retail investors. The subscription is for the company’s 12.51 million shares, or 25 percent of the total offered, at SR99 each, as set by the book-building process. The process for the retail tranche will be open until Dec. 18. On the announcements front, Red Sea International Co., in a statement on Tadawul, stated that it signed a contract worth SR192.01 million with the Royal Commission for AlUla to construct an integrated housing complex in AlUla. The contract was awarded on Sept. 29. The share price stayed almost flat at SR22.98. Rabigh Refining and Petrochemical Co. also disclosed that it signed three memoranda of understanding with investors to establish manufacturing factories in the Rabigh PlusTech Park. An MoU with Pure Life Industries Middle East Co. will produce 80,000 water filters and flat ceramic membranes yearly. The company signed another one with Saudi Top Co. would produce 50,000 tons per annum of recycled polymer compounds, while the third MoU could lead to 100,000 tpa of recycled plastic resin for food applications. Rabigh Refining and Petrochemical Co.’s share price slightly increased to close at SR10.78.