Saudi TASI flat as multiday sentiment-driven rally pauses: Opening bell

RIYADH: Saudi Arabia’s main stock index opened flat on Wednesday after a multiday rally, even as investor sentiment was fueled by positive market cues.  

As of 10:13 a.m. Saudi time, TASI was flat at 13,641 points, while the parallel market Nomu edged 0.2 percent higher to 24,319.

Bank Albilad led the gainers, rising 7.4 percent after it got approval to increase capital to SR2.5 billion ($670 million) through the issue of bonus shares.

Among the top gainers, MBC Group-backed advertising provider Al Arabia surged 2.7 percent and Bank Aljazira added 3 percent.

The Kingdom’s highest valued bank, Al Rajhi Bank, slightly slipped from the record high it hit in the previous session of SR172.4 to SR172.

Oil giant Aramco was also down 0.23 percent in early trading, while Saudi’s largest lender Saudi National Bank advanced by 0.7 percent.

Almarai Co. registered the highest losses of 1.9 percent, despite shareholders’ approval to pay SR1 per share in annual dividends as well as buy back 10 million shares.

In energy trading, Brent crude reached $104.46 per barrel on Wednesday while US benchmark West Texas Intermediate traded at $100.39 as of 10:19 a.m. Saudi time.