Saudi Stocks fall as investors await earnings reports: Opening bell

RIYADH: Saudi stocks opened lower during the second session of the week, as investors prepare for earning reports and keep an eye on the energy market.

As of Monday 10:10 a.m., the main index, TASI, fell 0.22 percent to reach 13,433, and the parallel market, Nomu, dropped 0.57 percent to reach 23,696.

Crude oil prices were lower early on Monday, with Brent crude reaching $102.93 per barrel and WTI crude reaching $98.47 per barrel, at 10:14 a.m. Saudi time.

Leading the gainers was Aseer Trading, Tourism and Manufacturing Co., while Salama Cooperative Insurance Co. fell 5.53 percent to lead the fallers.

United Electronics Co., eXtra,  gained 0.75 percent, after announcing it has opened a new store for a total investment of SR8 million ($2 million).

Yanbu Cement Co. opened flat this morning, after reporting a 47 percent drop in net profit to SR38.9 million in the first quarter of this year.

Saudi Kayan Petrochemical Co. fell 5.66 percent, after its first-quarter net profit declined 57 percent to SR209 million.

Saudi Electricity Co. gained 19 percent, after the company announced its intention to redeem its SR5.7 billion sukuk in full.

Among shares traded in the financial sector, Alinma Bank remained flat, and Al Rajhi Bank went down 0.11 percent.

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