Saudi stocks higher despite fluctuating oil prices: Closing bell

RIYADH: Saudi stocks improved at the closing of the first trading session of the week as global markets sought a recovery, despite fluctuating oil prices.

Oil prices rose on Friday as US gasoline prices jumped to a record high, with Brent crude rising 3.8 percent to settle at $111.55 a barrel and WTI crude rising 4.1 percent to settle at $110.49.

The Saudi main stock index, TASI, rose 2.45 percent to reach 13,149, while the parallel market, Nomu, rose 0.88 percent to 22,845.

Saudi Industrial Export Co. surged  9.90 percent to lead the gainers, while Al Kathiri Holding Co. edged down 4.03 percent to lead the fallers.

Shares of Saudi oil giant Aramco gained 4.18 percent, after it reported an 82-percent increase in profit to SR148 billion ($40 million) for the first quarter.

Arabian Pipes Co. edged up 0.33 percent despite shareholders rejecting the proposal to increase the company’s capital by 300 percent.

Following losses last week, the financial sector rebounded this week with Al Rajhi Bank up 3.59 percent and Alinma Bank up 1.91 percent.

Al-Jouf Agricultural Development Co. climbed 2.61 percent, after posting a 297-percent profit surge to SR15 million in the first quarter of 2022.

Saudi Chemical Co. dropped 1.01 percent after its first-quarter profit fell by 20 percent to SR32.7 million.

Saudi Tadawul Group Holding Co. increased 3.04 percent, after posting lower profits of SR141 million in the first quarter of 2022.

The Walaa Cooperative Insurance Co. dropped 2.47 percent, after announcing it widened losses by 35 percent to SR32 million during the first quarter.