Saudi stocks fall, energy prices rebound: Closing bell

RIYADH: Saudi stocks suffered their third straight loss on Wednesday, following an uptick in energy prices that spread across the market in the closing session.

Crude oil prices bounced back after a week of falling, with Brent crude rising by 3.61 percent to $106.16 per barrel and WTI crude climbing 3.95 percent to $103.71 per barrel, at 3:21 a.m. Saudi time.

The main index, TASI, fell 0.96 percent to 13,379, while the parallel market, Nomu, dropped 1.82 percent to 22,674.

AXA Cooperative Insurance Co. shed 7.95 percent to lead the fallers, after profits dropped 44 percent to SR20 million (5.3 million) in the first quarter.

The financial sector posted a decline in shares as Alinma bank lost 3.19 percent, Saudi National Bank dropped 1.03 percent, and Al Rajhi Bank slipped 0.74 percent.

Saudi Arabia’s oil giant, Aramco, fell 0.98 percent, despite its announcement yesterday that it had become the world’s most valuable company.

Abdullah Al Othaim Markets Co. climbed 0.70 percent, after reporting a 58 percent surge in profits to SR91 million last quarter.

Saudi Azm for Communication and Information Technology Co. was down 2.35 percent, after its profits fell 15 percent in the second half of 2021

Among the pharmacy giants, Aldawaa Medical Services Co. and Nahdi Medical Co edged up 0.12 and 1.84 percent, respectively.