TASI gains as global oil prices surge: Opening bell

RIYADH: The main Saudi index on Wednesday opened higher for the second day in a row, as oil prices continue their upward surge.

Brent crude spiked to 8-year high reaching $110.11 per barrel, while US benchmark WTI crude oil hit a 7-year high at $111 per barrel earlier on Wednesday.

TASI opened 0.31 percent higher at 12,713, while the parallel market , Nomu, traded 0.3 0 percent lower at 24,924.70, as of 10:09 a.m Saudi time.

Astra Industrial Group led the gainers in early trading, rising 4.10 percent, after posting a 75 percent increase in profit to SR202 million ($53 million) in 2021.

Saudi Enaya Cooperative Insurance Co. edged down 5.05 percent to lead the fallers.

Also dipping lower was Taiba Investments Co., which slipped 2.65 percent after reporting a loss of of SR117 million in 2021.

The shares of Saudi Aramco, the largest player on the Saudi oil market, rose 0.97 percent.

Saudi Steel Pipe Co. edged up 1.93 percent, as it was awarded deals worth SR88.5 million to supply materials for oil and gas pipelines.

In the financial sector, Alinma Bank shares rose 0.14 percent, while Al Rajhi Bank’s shares edged up 0.25 percent.