TASI rises 1.4% on the week as oil prices shot higher: Closing bell

RIYADH: Saudi Arabian stocks wrapped up the trading week with gains, mirroring a strong oil market despite ongoing geopolitical tensions.

TASI finished the week 1.4 percent higher after trading almost flat at 12,948 points in Thursday’s session, which saw the parallel market, Nomu, drop 1.7 percent to 24,067.

As worries over tight supply chains intensified, Brent crude hovered near $121 per barrel, while WTI crude oil reached $114.5 as of 3:26 p.m. Riyadh time.

Oil giant Aramco was flat, while chemical major SABIC edged 0.15 percent higher, with over SR424 million worth of shares traded on Thursday.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi Bank shed 0.8 percent, whereas Alinma Bank inched up by 0.9 percent.

Pharmacy chain operator Nahdi Medical Co. lost 0.25 percent to SR158 ($42) on its third-day of trading, following two straight days in the green.

Saudi-based insurer Gulf Union Alahlia led the fallers after it widened losses in 2021 due to a rise in incurred claims.