TASI starts in red as oil prices uncertainty clouds investor minds: Opening bell

RIYADH: Saudi Arabia’s benchmark index slipped on Tuesday, dragged down by weak bank stock performance and poor performance across most sectors.

As of Tuesday’s closing bell, TASI slipped 1.11 percent at 12,420, while the parallel Nomu fell 0.75 percent at 21,562.

In the energy market, Brent crude traded at $97.39 a barrel, while US West Texas Intermediate traded at $91.34 a barrel, as of 3:27 p.m. Saudi time.

Oil giant Saudi Aramco finished the session with a 0.90 percent decline, while Al Rajhi, the Kingdom’s largest valued bank, ended 0.98 percent lower.

The Saudi National Bank, the country’s biggest lender, shed 0.56 percent, while Alinma Bank dropped 1.66 percent.

Saudi Real Estate Co. gained 0.27 percent, after it turned to profits of SR15.9 million ($4 million) during the first half of 2022.

Etihad Atheeb Telecommunication Co. added 0.11 percent, following an 86 percent reduction in losses in the second quarter of 2022 to SR1.67 million.

Jazan Energy and Development Co. plunged 3.35 percent, despite a 187 percent rise in profits to SR28 million in the first half of the year.

Hail Cement Co. shed 2.62 percent, after it turned into losses of SR14 million during the first half of 2022.

Saudi Public Transport Co. declined 3.86 percent, after it narrowed its losses by 97 percent during the second quarter of 2022 to SR1.67 million.

Al Abdullatif Industrial Investment Co. dropped 4.02 percent, after it turned to losses of SR16 million in the first half of 2022.

Filling & Packing Materials MFG. Co. declined  0.66 percent, despite the return to profitability in the first half of 2022 with SR1.3 million in revenue.

Salama Cooperative Insurance Co. slumped 9.93 percent as it suffered losses of SR67 million in the first half of 2022 after making SR144 million in profits in the prior-year period

Electrical Industries Co. ranked second in the gainers’ list, rising 3.31 percent, after profits jumped 105 percent to SR31 million in the first half of 2022.