TASI rises as earnings reports awaited: Opening bell

RIYADH: The Saudi main index opened higher during the first session of the week, as investors awaited earning reports and closely monitored the energy market.

TASI opened 0.29 percent higher to reach 13,773, while the parallel market, Nomu, was down 0.29 percent to 23,839 at 10:11 a.m. Saudi time.

Crude oil prices closed higher on Friday, with Brent crude reaching $112.39 per barrel and WTI crude reaching $109.77 per barrel.

The Saudi Cable Co. returned 6.03 percent to lead the decliners while Saudi Enaya Cooperative Insurance Co. climbed 4 percent leading the gainers.

ACWA Power gained 0.28 percent on news that it was selected to develop two solar projects in Indonesia.

The Saudi Ground Services Co. which announced the appointment of Khalid Al Buainain as board chairman saw its shares decline 1.02 percent.

Al Rajhi Bank and Alinma also recorded gains in the financial sector, with respective gains of 1.25 and  0.48 percent.

Telecom giants Zain KSA and stc dropped 1 percent and 0.52 percent, respectively.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.11 percent.