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RIYADH: Saudi stocks opened on a positive note once again as more earnings were released early Wednesday, easing investors’ concerns.
The Saudi main stock index, TASI, rose 50 percent to reach 12,753, while the parallel market, Nomu, started almost unchanged at 22,679, as of 10:07 a.m. Saudi time.
Dar Al Arkan Real Estate Development Co. grew 3.47 percent to lead the gainers, after reporting a profit surge of 675 percent in the first quarter.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.49 percent.
The Saudi Electricity Co. dropped 3.17 percent, after it reported a 10 percent decline in quarterly profit.
Methanol Chemicals Co. rose 1.66 percent, after it reported a 244 percent spike in profits in the first quarter.
Amlak International for Real Estate Finance Co. edged down 4.26 percent to lead the fallers.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 1.25 percent, and Alinma Bank added 0.81 percent.
Brent crude settled at $112.46 a barrel, and US WTI crude traded at $113.29 a barrel, as of 10:11 a.m. Saudi time.
Saudi developer Dar Alarkan sees 675% profit spike in Q1 on higher salesSaudi Arabia’s economy continues to strengthen: Al Rajhi Capital
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