RIYADH: The Saudi stock market ended Monday’s session in the green zone for the second consecutive session.
The Tadawul All Share Index edged up 0.1 percent with fertilizers maker SABIC Agri-Nutrients increasing 6.7 percent and its parent company, Saudi Basic Industries, advancing 2.2 percent.
Despite the rise, banking shares kept the market under pressure. The general index closed trading at 11,369 points.
Liquidity in Tadawul amounted to about SR8.1 billion.
Shares of stc declined by 19 percent, Al-Rajhi Bank’s shares decreased by 0.3 percent, and Riyad Bank shares were down 1.5 percent.
Nomu, the parallel market index, decreased by 1020.82 points, or 4.09 percent, to close at 23923.37 points. Liquidity amounted to about SR152.5 million.
“The Saudi (stock) market is still maintaining its upward trajectory,” Mohammed Al-Omran, head of the Gulf Center for Financial Consultancy, told Arab News.
“We also noticed strong gains today and yesterday in petrochemical companies, whether in high shares or liquidity, and the reason is due to the energy crisis in the world in recent days. Due to these concerns, we are witnessing a rise in the prices of petrochemical companies,” he added.
On Monday, Emaar EC gained 3.6 percent to SR13.7 with over 21 million shares exchanging hands. On Sept. 26, shareholders approved the board’s recommendation to increase capital through converting SR2.83 billion debt owed by the company to the Public Investment Fund.
Six of the 21 market sectors rose, led by basic materials 2.1 percent, commercial and professional services 0.7 percent, and consumer services 0.4 percent.
The biggest gainers on Monday were Gas (21 percent), SABIC Agri-Nutrients (6.7 percent), Fitness Time (5.9 percent), Kayan (4.8 percent), Sipchem (4.7 percent), and Replay (4.4 percent).