Saudi main market TASI rises as traders watch energy market: Opening bell

RIYADH: Saudi Arabia’s main market began the week higher as investors monitored the uncertainty in the energy market and watched for new corporate results.

TASI, started 0.23 percent higher to reach 13,652, while the parallel market, Nomu, fell 0.22 percent to reach 24,365, as of Sunday 10:07 a.m. Saudi time.

As for energy trading, oil prices edged upward on Friday, but recorded their second weekly decline. 

Brent crude settled at $102.78, and US benchmark West Texas Intermediate stood at $98.16.

The Methanol Chemicals Co. led the gainers in early trading, up 3.91 percent, after it posted its highest quarterly profit, surging 244 percent during the first quarter of 2022.

Retailers topped the list of fallers with United Electronics Co., eXtra, leading the way down 1.90 percent, while Jarir Marketing Co. also fell, slipping 1.46 percent.

Aldrees Petroleum and Transport Services rose 1.29 percent, after posting a 58 percent rise in net profit to SR62.4 ($16.64) for the first quarter, compared to a year earlier.

Shares of Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.35 percent.

Saudi Industrial Investment Group, or SIIG, rose 1.84 percent, following the declaration of SR0.75 in dividends for the second half of 2021 and the first half of 2022.

Shares of Saudi pharma giant Aldawaa Medical Services Co. opened flat, while Nahdi Medical Co. dropped 0.23 percent.

In the financial sector, Al Rajhi Bank edged up 1.17 percent, while Alinma Bank edged down 0.24 percent.