Saudi stocks drop as energy prices move erratically: Opening bell

RIYADH: Saudi stocks opened lower during the first trading session of the week following investors’ confusion over price movements in the energy market.

Both the main index, TASI, and the parallel market, Nomu, opened 0.58 percent lower at 13,456 and 23,693 points, respectively, at 10:09 a.m. Saudi time.

Oil prices closed Friday lower, with Brent crude reaching 106.65 per barrel and WTI crude reaching 102.07 per barrel.

Elm Co. edged up 2.50 percent to lead the gainers, after reporting 48 percent growth in profit for the first quarter.

Leading the list of falling shares was SABIC Agri-Nutrients Co. with a 2.79 percent decline.

Dr. Sulaiman Al Habib Medical Services Group edged down 0.20 percent, even as profits rose 22 percent in the first quarter of 2022.

In the financial sector, Alinma Bank fell 1.72 percent, while Al Rajhi Bank dropped 1.33 percent.

Further in the financial sector, Banque Saudi Fransi declined 1 percent, despite reporting a 12 percent net profit rise in the first quarter.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.47 percent.