RIYADH: The Saudi stock exchange opened flat with positive bias on Tuesday amid a stronger oil market and new company listings.
As of 10:20 a.m. Saudi time, TASI was flat at 12,171 points, and the parallel Nomu market edged up by 0.2 percent to 26,219 points.
Nomu was led by Alwasail Industrial Co. and AME Co. for Medical Supplies on debut, up 30 percent each.
On TASI, Saudi insurers Amana Cooperative Insurance and Saudi Enaya Cooperative Insurance topped the gainers, rising 4 and 2.9 percent, respectively.
Earlier today, Amana announced its board’s recommendation to increase capital through a rights issue, with a target amount of SR300 million ($80 million).
The Kingdom’s largest lender, the Saudi National Bank, rose to SR73.6, and oil giant Saudi Aramco was up slightly to SR37.
Tadawul group, owner of the Saudi Exchange, added 2.4 percent to reach SR164 — its highest value since listing. This came amid trading of almost 500,000 shares.
Shares of Mouwasat Medical Services Co. saw the highest losses, down 0.75 percent in early trading. This followed the board’s recommendation of a SR2.75 dividend per share for 2021.
Aldrees Petroleum and Transport Services Co. saw gains amounting to 2.3 percent after posting profits of SR177 million in 2021, a 46-percent leap from a year earlier.
In energy trading, Brent crude reached $87.8 per barrel — the highest in over 7 years, and US WTI crude oil crossed $85 per barrel as of 10:30 a.m. Saudi time.