TASI is up with oil prices remaining high: Opening bell

RIYADH: Saudi stocks moved higher in the early trading hours of Monday, with oil prices staying above $100 per barrel.

The Tadawul All Share Index began 0.29 percent higher at 12,562, while the parallel Nomu fell 0.22 percent at 21,714 as of 10:08 a.m. Saudi time.

Oil giant Saudi Aramco started the session with a 0.39 percent gain, while Methanol Chemicals Co. added 0.51 percent.

In the financial sector, Al Rajhi, the Kingdom’s largest valued bank, advanced 0.71 percent, while the Saudi National Bank, the country’s biggest lender, gained 0.57 percent.

The share price of Alinma Bank added 0.79 percent, while the Saudi British Bank was up 0.36 percent.

In the pharma sector, Nahdi Medical Co. increased 1.25 percent, while Aldawaa Medical Services Co. gained 0.53 percent.

Saudi Pharmaceutical Industries and Medical Appliances Corp. rose 0.7 percent, after securing SR1.26 billion ($335 million) worth of Shariah-compliant financing to grow the business

Among the Kingdom information technology firms, Elm Co. gained 0.12 percent, while Al Moammar Information Systems Co. improved 0.39 percent.

Saudi healthcare provider Tibbiyah plunged 9.27 percent, after it suffered losses of SR21 million during the first half of the year from profits of SR5.1 million in the prior-year period.