Halliburton foresees years of oil drilling demand after profits jump

RIYADH: Saudi Arabia’s main index, TASI, ended Tuesday higher, adding 1.79 percent at 11,680 on higher oil prices, which boosted investor sentiment.

Nomu, the parallel market, climbed 0.50 percent reaching 20,816 points at the end of Tuesday’s trading session.

In energy trading, Brent crude hit $104.66 a barrel and US West Texas Intermediate reached $100.94a barrel, as of 3:20 p.m. Saudi time.

Almunajem Foods Co. gained 10 percent, leading gainers since the opening, after reporting a profit surge of 225 percent in the first half of 2022.

This was followed by Almasane Alkobra Mining Co., which rose 9.93 percent, on news that it is seeking to raise capital by SR240 million ($64 million).

Saudi oil giant Aramco added 0.65 percent, while Saudi National Bank, one of the Kingdom’s biggest lenders rose 0.15 percent.

Saudi British Bank, which was voted the best bank in 2022, declined 0.83 percent, while the Kingdom’s largest valued bank Al Rajhi added 2.29 percent.

Among the gainers on the list, Saudi Arabian Mining Co. surged 9.47 percent and Saudi Marketing Co. gained 9.08 percent.

Leading the fallers was United Cooperative Assurance Co. with a 9.96 percent decline, followed by Arabia Insurance Cooperative Co. dropping 9.90 percent.