RIYADH: The stock value of the leading financial retailer in Saudi Arabia, Fawaz Abdulaziz Alhokair Co., has risen after striking a new deal with the Subway global restaurants chain.
The shares are up despite fears around the new strain of COVID-19, adding to the optimism of Saudi’s financial market amid the collapse of other stocks.
The retailer company’s share price rose by 2.22 percent as of 12noon, Riyadh time, on Tuesday.
However, other stocks in the Saudi Exchange continue to decline with the rise of omicron.
Saudi’s main stock index, Tadawul All Share Index, was down by 1.54 percent to 10,644.32 points since the market opened.
SABIC petrochemical shares declined by 2.70 percent, contributing further to the market fall.
Spichem and Chemanol were among the lowest-performing stocks.
Top gainers included Amana Insurance and Enaya, increasing by SR3.45 and SR2.30 respectively.
Despite the market decline, Saudi’s parallel market Nomu is up by 0.06 percent.