TASI reverses gains to close the week lower: Closing bell

RIYADH: Saudi Arabia’s main index reversed some of its gains to close lower on the last trading day of the week, as investor concerns shifted over a recession.

As of Thursday’s closing bell, TASI, fell 0.47 percent to reach 12,530, while the parallel market, Nomu, gained 1.14 percent  at 22,272.

Alhokair Group was up 10 percent, leading the market gainers; Wataniya Insurance Co. was down 8.81 percent, leading the fallers since the beginning of the trading session.

The stock price of Ataa Educational Co. fell 1.80 percent, following approval by the Capital Market Authority to raise capital by $112 million to acquire Naba’a.

Among the other gainers, CHUBB Arabia Cooperative Insurance Co. rose 4.08 percent, and Fawaz Abdulaziz Alhokair Co. was up 3.89 percent.

Shares of PIF-owned Elm Co. edged up by 1.98 percent, and shares of Saudi oil giant Aramco fell by 0.73 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 0.11 percent, while Alinma Bank fell 0.13 percent.

Among the telecom giants, Shares of stc added 0.38 percent, while shares of Zain KSA closed flat.

In the pharmaceutical sector, Aldawaa Medical Services Co. remained unchanged and Nahdi Medical Co. edged up 1.16 percent.

The energy market saw Brent crude trading at $114.45 a barrel and US West Texas Intermediate crude reached $110.95 a barrel, as of 3:19 p.m. Saudi time.