TASI slightly higher as investors fear losing out: Closing bell

RIYADH: Saudi stocks closed slightly higher on Monday, with gains registered by several major companies, causing investors to fear missing out on what appeared to be a rising market.

As of the closing bell, Saudi main index, TASI, closed 0.63 percent higher at 13,165, while the parallel market, Nomu, tumbled 1.66 percent to reach 24,445.

Shares in ACWA POWER Co. rallied 10 percent to lead the gainers, as it began construction on the world’s largest green hydrogen project in NEOM, with a $900 million contract.

Tourism Enterprise Co. led the fallers since the opening, falling 5.05 percent more.

Among the gainers, Almasane Alkobra Mining Co. rose 9.91 percent, and Elm Co. gained 8.30 percent.

Aramco, the largest player on the Saudi oil market, closed today’s trading session 0.23 percent higher.

In the banking sector, Alinma Bank climbed 2.58 percent, while the Kingdom’s largest valued bank, Al Rajhi, edged up 0.25 percent.

As for Saudi pharma operators, Aldawaa Medical Services Co. climbed 3.64 percent, while Nahdi Medical Co. rose 2.28 percent.

Energy prices have continued to rise. Brent crude reached $106.37 a barrel, and US benchmark West Texas Intermediate hit $101.64 a barrel, as of 3:33 p.m. Saudi time.