Saudi stocks flat as uncertainty persists: Opening bell

RIYADH: Saudi stocks started Monday flat, with uncertainty still prevailing in the market as oil prices continue to fluctuate.

The main index, TASI, began the day 0.08 percent lower at 13,670, while the parallel market, Nomu, opened 0.03 percent higher at 24,200, as of 10:06 a.m. Saudi time.

In energy trading,  Brent crude oil reached 111.77 per barrel, and US benchmark WTI crude oil reached 106.90 per barrel, at 10:16 a.m. Saudi time.

The United Wire Factories Co. led the gainers with a 7.11 percent gain, while the Arabian Cement Co. led the fallers with a 4.72 percent decline.

Telecom firm Zain KSI’s share price rose 1.28 percent, after the company reported a 98 percent profit increase to SR81 million ($21.6 million) in the first quarter of 2022.

In the financial sector, Al Rajhi Bank rose 0.11 percent, while The Saudi National Bank dropped 0.80 percent following its shareholder approval to distribute a dividend of SR0.90 per share for the second half of 2021.

Saudi pharmaceutical company Nahdi Medical Co.’s shares opened flat, while Aldawaa Medical Services Co. opened 0.13 down percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.12 percent.