Saudi bourse slips, as Ukraine-Russia conflict fears persist: Opening bell

RIYADH: Saudi Arabia’s main index, TASI, opened lower on Monday as the Ukraine-Russia conflict dampened sentiment and oil prices continue to rise.

As of 10:07 a.m. Saudi time, TASI opened 0.03 percent lower to reach 12,414, while the parallel market, Nomu, edged up 0.09 percent to 24,973.

In energy trading, Brent crude hit $102.62 per barrel, and US benchmark WTI reached $96.78 per barrel.

The shares of the largest player in the Saudi oil market, Aramco, climbed 0.12 percent.

Amana Cooperative Insurance Co. led the gainers in early trade, up 5.83 percent.

Further among the gainers, Bawan Co. gained 3.78 percent, after reporting net profit increased 88 percent to $45 million for 2021.

Salama Cooperative Insurance Co. led the fallers in early trading, declining 3.58 percent, after announcing accumulated losses of $42 million in 2021.

Zahrat Al Waha for Trading Co. edged up 2.79 percent, as it reported a profit increase of 59 percent to $17 million in 2021.

In the financial sector, the Kingdom’s largest valued bank, Al Rajhi Bank, dropped 0.13 percent, while Alinma Bank fell 0.58 percent.