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Saudi stocks flat as market uncertainty reigns: Closing bell

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03 Apr 2022 10:04:49 GMT9
03 Apr 2022 10:04:49 GMT9

Aqila AlaSaeed

RIYADH: Saudi stocks closed flat after oil prices continued to shift last week, creating uncertainty in the market as investors watch for a resolution over Russia’s attack.

As of Sunday’s closing bell, the main index, TASI, was almost flat, down 0.06 percent at 13,082, while the parallel market, Nomu, dropped 0.61 percent to reach 24,857.

Oil prices declined on Friday, with Brent crude reaching $104.39 per barrel, and US benchmark West Texas Intermediate hitting $99.27.

Alujain Holding Corp. has been the top gainer since the open, up 9.89 percent, while Naseej International Trading Co. led the faller, down 3.06 percent.

Among other gainers, ACWA POWER Co. climbed 7.62 percent, while Saudi pharma operator Nahdi Medical Co. rose 1.68 percent.

In the banking sector, Alinma Bank edged down 0.39 percent, while the Kingdom’s largest valued bank, Al Rajhi, edged up 0.12 percent.

Aramco, the largest player on the Saudi oil market, closed today’s trading session 0.46 percent lower.

Yamama Cement Co. edged up 9.89 percent, after obtaining financing worth SR1.66 billion ($443 million) to improve financial efficiency.

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