Saudi stocks slide losing 3 day streak of gains: Closing bell

RIYADH: Saudi stocks declined at the closing bell on Wednesday, following three days of gains, as investors scrambled to assess the impact of rising energy prices.

The main index, TASI, fell 0.16 percent to reach 12,654, while the parallel market Nomu dropped 0.15 percent to reach 24,962.

Brent crude oil spiked to an 8-year high, reaching $111.24 per barrel, while US benchmark WTI crude oil hit  $109.53 per barrel as of 3:40 p.m, Saudi time.

Saudi oil giant Aramco shares surged 3.86 percent to an all-time high of SR43.05 ($11.48).

Saudi Cable Co. led the gainers with a 5.45 percent gain, while Saudi Amiantit Co. led the faller with a 8.98 percent loss.

Among the fallers, Saudi Enaya Cooperative Insurance Co dropped 8.68 percent, after it announced that it had lost 61 percent of its capital.

Saudi Industrial Services Co., better known as SISCO, fell 2.60 percent after its profit fell 58 percent to SR57.9 million ($1.4 million) in 2021.

In the financial sector, Alinma Bank shares fell 0.70 percent, while Al Rajhi Bank’s shares dropped 2 percent.