Saudi telecom firm stc to set up cloud computing unit with eWPTA-led consortium 

RIYADH: Saudi stocks closed lower on Sunday as inflation concerns rattled global stock markets, causing investors to remain cautious.

The main index, TASI, dropped 0.75 percent to reach 12,334, while the parallel market, Nomu, lost 0.80 percent to reach 22,329.

The Kingdom Holding Co. soared 9.90 percent, after Saudi Arabia’s PIF acquired a 16.87 percent stake in the firm from Saudi billionaire Prince Alwaleed bin Talal.

Gainers included Lazurde Co. for Jewelry, which gained 4.57 percent, after its first-quarter profit rose 34 percent.

Saudi Home Loans Co. shed 0.30 percent, despite reporting an increase in the company’s first-quarter profit of 9.8 percent.

The National Agricultural Development Co., known as NADEC, added 1.00 percent after reporting a 137 percent increase in profit for the first quarter.

Al-Baha Investment and Development Co. slipped 4.17 percent following its proposal to reduce its capital by 25 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 0.64 percent, while Alinma Bank shed 1.95 percent.

In the pharma sector, both companies reversed the morning’s gains. Aldawaa Medical Services Co. fell 1.68 percent, and Nahdi Medical Co. lost 1.40 percent.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading down 1.38 percent.

Shares of Buruj Cooperative Insurance Co. plunged 10 percent to lead the fallers list.

Oil prices settled slightly higher on Friday. Brent crude rose to $112.55 a barrel and US West Texas Intermediate crude reached $110.28 a barrel.