Saudi stocks surge as oil prices spike again: Closing bell

RIYADH: In the wake of yet another rise in oil prices, Saudi stocks ended the week higher on Thursday.

Brent crude futures surged $5.68 to $103.70 a barrel, while WTI crude was up $5.32 to $103.70 a barrel, as of 3:55 p.m. Saudi time.

Saudi Arabia’s main index, TASI, closed the week 0.89 percent higher, to reach 12,769. The parallel market, Nomu, rose 0.72 percent, to 24,902.

Bupa Arabia for Cooperative Insurance rose 8.33 percent to lead the gainers. Dur Hospitality Co. fell 7 percent to lead the fallers.

Umm Al-Qura Cement Co. dropped 0.24 percent, following a 33 percent decline in profit to SR78 million ($20 million) for 2021.

In the financial sector, Alinma Bank rose 3.47 percent. Saudi Arabia’s largest valued bank, Al Rajhi, gained 3.38 percent.

Shares in Aramco, the largest player on the Saudi oil market, edged up 2.07 percent.