Rosneft eyes oil trading unit in Dubai to combat sanctions pressure: Bloomberg

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s stock market continued to fall as investors’ sentiment felt mixed after the US Federal raised interest rates to their highest levels in decades to combat inflation.

The main index, TASI, fell 1.29 percent ending the session at 11,824, while the parallel market, Nomu, added 0.95 percent to 21,504.

In energy trading, Brent crude reached $116.83 a barrel and US West Texas Intermediate traded at $113.58 a barrel, as of 3:26 p.m. Saudi time.

Al-Rajhi Co. for Cooperative Insurance topped the fallers’ list with 10 percent decline; Wafrah for Industry and Development Co. topped the gainers’ list with 9.98 percent gain.

Al Alamiya for Cooperative Insurance Co. retreated from its morning gains, falling 3.70 percent, despite securing a SR72 million ($19.2 million) insurance deal with Riyad Bank.

In the pharma sector, Aldawaa Medical Services Co. sank 3.09 percent, while Nahdi Medical Co. slumped 3.77 percent.

Shares of Saudi Aramco, the largest player on the Saudi oil market, ended the day up 0.13 percent.

In the telecom sector, stc slipped 1.74 percent, while Zain KSA  gained 0.66 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi dropped 3.69 percent, while Alinma Bank tumbled 2.54 percent.

National Shipping Co. of Saudi Arabia, better known as Bahri, shed 2.98 percent, after it started the issuance of SR3.9 billion SR-denominated Sukuk.

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