TASI recovers slightly after oil prices reach record highs: Opening bell

RIYADH: Saudi Arabia’s main index, TASI, opened slightly higher on Monday, driven by record-high oil prices.

As of 10:14 a.m. Saudi time, TASI traded 0.12 percent higher at 12,044. The parallel market, Nomu, gained 0.11 percent to reach 24,829.

In energy trading, US WTI crude prices climbed to $94.29 per barrel, while Brent crude hit $95.55 per barrel. Prices have rallied consistently for more than a week.

The stock of oil giant Aramco traded flat.

Saudi Arabia's largest valued bank, Al Rajhi Bank, climbed 0.27 percent, after announcing a SR14.7 billion ($4 billion) profit for 2021.

Saudi Arabian Amiantit Co. gained 0.57 percent, following the filing with the Capital Market Authority for a capital reduction of SR221 million.

Shares in Tanmiah Food Co. fell 3.89 percent, after reporting an 81 percent profit decline in 2021.