Saudi Alujain’s Q1 profit down as finance costs weigh on performance

RIYADH: Saudi stocks closed lower in the last trading session of the week as mixed earnings reports and changing crude prices affected investor outlook.

In the energy market, Brent crude prices declined, settling at $107.45 a barrel, while US WTI crude traded at $107.00 a barrel, as of 3:28 a.m. Saudi time.

The main index, TASI, fell 2.24 percent to reach 12,427, while the parallel market, Nomu, lost 1.42 percent at 22,508.

Saudi Industrial Export Co. climbed 9.94 percent to lead the gainers; Arabia Insurance Cooperative Co. shed 10.00 percent to lead the fallers.

United Wire Factories Co. dropped 2.02 percent, after announcing that it had extended its agreement with A-1 Fence Arabia Co.

Tabuk Cement Co. slumped 2.62 percent, after it swung into losses of SR7 million ($2 million) in its first-quarter earnings.

United Cooperative Assurance Co. edged up 1.38 percent, despite reporting its net loss was trimmed by 26 percent to SR19.9 million last quarter.

Saudi Real Estate Co. increased 5.07 percent, after it received shareholder approval to increase capital to SR3.7 billion.

Saudi Aramco, the largest player on the Saudi oil market, closed Thursday’s trading down 2.33 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 2.81 percent, and Alinma Bank fell 2.18 percent.