RIYADH: The Saudi stock exchange extended gains today, as investors reacted to a strong rebound in the energy market.
Brent crude oil surpassed $89 per barrel, and US benchmark WTI crude oil rose to $86.2 per barrel as of 3:20 p.m. Saudi time.
At the closing bell, the main index TASI registered gains standing at 0.6 percent, reaching 12,183 points, with Banque Saudi Fransi hitting its highest value since 2008 of SR51 ($13.6).
The parallel market Nomu inched up by 0.5 percent to close at 25,688 points.
Saudi oil giant Aramco awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes. Shares in the latter added 0.35 percent in response to the transaction, while Aramco gained 0.8 percent.
One of the Kingdom’s largest valued banks, Al Rajhi Bank edged 0.7 higher, and Alinma Bank added 0.4 percent amid trading of almost 9 million shares.
Shares in Saudi Automotive Services Co., known as SASCO, soared nearly 10 percent, leading the gainers.
SASCO had earlier acquired 80 percent of gas station operator NAFT Services Limited Co. for SR1.1 billion.
Advanced Petrochemical recorded gains at 2.9 percent after its board recommended boosting capital to SR2.6 billion in expansion push.
Saudi Research and Media Group, or SRMG, was among the stocks hitting record highs, as its share price soared to SR147.
Shares in telecommunication firm Etihad Atheeb led the fallers, down approximately 10 percent.