Gasoline prices hit highest level in 12 years: American Automobile Association

RIYADH: Saudi stocks started the trading week slightly higher on Sunday as oil traded at multi-year highs.

At the closing bell, the main index, TASI, gained 0.38 percent to 12,804, while the parallel market slipped 0.06 percent to 24,752.

Despite the Russia-Ukraine conflict rattling markets globally, stock exchanges in Bahrain and Oman advanced in line with the Saudi index.

Elsewhere, Kuwait’s BKP and the Egyptian index EGX30 lost 0.2 and 1.8 percent, respectively.

UAE stock markets slightly dipped on Friday, with the Abu Dhabi index dropping 0.6 percent and Dubai’s DFMGI down 0.9 percent.

In energy trading, oil prices extended their rally on growing supply chain worries.

Brent crude jumped almost 10 percent to as high as $129.63 a barrel in early Monday trading and US benchmark WTI gained 8.7 percent to $125.78.

Stock news

Arabian Contracting Services Co.’s board proposed the distribution of SR1.86 ($0.5) per share as dividends for 2021

Jadwa Investment Co. will distribute cash dividends of SR0.2 per share to unitholders of Jadwa REIT Saudi Fund for the fourth quarter of 2021

Saudi Vitrified Clay Pipes Co. tuned into losses of SR2.1 million in 2021 due to a 28-percent decline in sales

Al Rajhi Co. for Cooperative Insurance recorded a 54 percent decline in profit before Zakat to SR115 million in 2021

Riyad Bank saw its annual profit soar by 28 percent to SR6.03 billion in 2021

Saudi Airlines Catering Co. sealed an SR85 million deal to provide catering and hospitality services to Altanfeethi terminals in Saudi Arabian airports

Yanbu Cement Co. reported a decline in profit of 43 percent to SR159 million in 2021 as lower selling prices weighed on sales

Saudi Arabia’s Aseer Co. secured Shariah-compliant financing worth SR200 million from Al Rajhi Bank to finance working capital requirements

Etihad Atheeb Telecommunication Co. appointed board member Faisal Qamhiyah to replace Mohamed Alkhalifa