Prices Continue To Rise As OPEC + Celebrates Founding: Oil at a Glance

Saudi stocks remain green as TASI set to post decade’s biggest annual jump: Closing Bell

RIYAD: The Kingdom’s stock market posted gains on Tuesday, with most stocks ending in green territory after recouping two-day losses, rekindling investor optimism despite omicron concerns.

The two Saudi indices – TASI and Nomu – ended the session up, up 1.4% and 1.8% to 11,315 and 26,705 points, respectively.

The latest gain put TASI on track to record its biggest annual jump in over 10 years, after securing a 30% increase since the start of the year.

This was in line with the rise in oil prices, where Brent crude oil supported 1.21% of gains to hit $ 79.6 per barrel, while the United States WTI crude jumped 1.42% to $ 76.6 a barrel at 3:33 p.m. KST

Al Rajhi Bank hit its highest closing price in over a month, reaching SR143 ($ 38). The bank had over SR 404 million of shares which changed hands during the day.

Among the top winners, Astra Industrial added 5% to close at SR41.5, followed by Al-Moammar Information Systems, Zoujaj and Amiantit which increased by almost 4% each.

The rise in Al-Moammar was prompted by its initial agreement with Al Rajhi Capital to launch an investment fund worth SR 1 billion, while Amiantit soared after its board of directors decided to use fair value revaluation for its real estate and real estate assets, which is expected to result in a surplus of SR 390 million as of April 1, 2022.

Cie Bawan. rose more than 3 percent to close at SR3.5. This came as the company announced the distribution of dividends amounting to SR 45million for the second half of 2021.

Despite announcing its dividend earlier today, Saudi Automotive Services Co., known as SASCO, was down 0.63% to SR31.3, offsetting early morning gains.

Steve R. Hansen