Positive market reaction boosts TASI: Closing bell

RIYADH: Saudi stocks closed higher for the second straight day on Monday, as positive market movements drove the market higher.

As of the closing bell, the main index, TASI, rose 1.39 percent to 12,590 points while the parallel market, Nomu, gained 0.28 percent at 25,022 points

Scientific and Medical Equipment House Co. led the gainers with a 30 percent increase.

Rabigh Refining and Petrochemical Co. was up 4.26 percent as it amended its proposal to reduce capital by 8 percent instead of 14 percent.

In the financial sector, the Kingdom’s largest valued bank, Al Rajhi Bank, edged up 3.35 percent, while Alinma Bank gained 2.31 percent..

Bawan Co. gained 1.54 percent after reporting its net profit increased 88 percent to SR170 million ($45 million) in 2021.

Salama Cooperative Insurance Co. led the fallers, dropping 9.93 percent, as it reported 63 percent of its capital had been lost.

Stocks of oil giant Aramco ended the session up 1.47 percent.

In the energy market, Brent crude reached $102.55 per barrel, while WTI reached $95.88 per barrel.