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RIYADH: The Saudi main index started the week’s final session higher, buoyed by strong results from the Kingdom’s banking sector, which lifted investor hopes, despite the GCC’s central banks increasing their interest rates on Wednesday by three quarters of a percentage point.
TASI edged 0.64 percent higher reaching 12,128, while the parallel market, Nomu, started flat at 20,826 as of 10:06 a.m. Saudi time.
Saudi National Bank, the Kingdom’s largest lender, added 0.57 percent, after reporting a 59 percent surge in first-half profit to SR9 billion ($2.4 billion).
Bank Albilad gained 0.61 percent following a 24 percent jump in profits for the first half of 2022, hitting SR1 billion.
Alinma Bank increased 1.18 percent, after reporting a 29 percent increase in first-half profits to SR1.7 billion.
Banque Saudi Fransi rose 0.6 percent, after its profits for the first half of 2022 increased 11 percent to SR1.7 billion.
Arab National Bank gained 1.97 percent, following a 29 percent jump in profits during the first half of 2022 to SR1.4 billion.
Saudi British Bank, which was voted the best bank in 2022, opened flat, while the Kingdom’s largest valued bank Al Rajhi was up 1.24 percent.
Etihad Etisalat Co., known as Mobily, climbed 3.46 percent, following a 45 percent spike in profits for the first half of 2022 to SR679 million.
Shares of Saudi Aramco, the largest player on the Saudi oil market, started the day up 0.63 percent.
The National Co. for Glass Industries rose 5.26 percent, leading gainers, while Saudi Kayan Petrochemical Co. dropped 1.07 percent, leading the fallers.
Brent crude increased to $107.94 a barrel, while US West Texas Intermediate hit $98.75 a barrel, as of 9:59 a.m. Saudi time.
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