RIYADH: Saudi Arabia’s main stock index was up for the eighth consecutive day as benchmark oil prices surged to seven-year highs.
OPEC on Tuesday stuck to its forecast for robust growth in world oil demand in 2022 despite the omicron coronavirus variant and expected interest-rate hikes, predicting that the oil market would remain well supported through the year, Reuters reported.
Brent crude jumped to its highest level in seven years, reaching $87.3, and US WTI crude oil traded at $85 per barrel as of 3:30 p.m. Saudi time.
TASI edged up 0.2 percent to close at 12,194 points, whereas the parallel Nomu market was down 0.5 percent to 26,058 points.
Alwasail Industrial Co. and AME Co. for Medical Supplies topped Nomu’s gains on debut, up 30 percent each.
On TASI, real estate developer Red Sea International Co. led the gainers, up nearly 10 percent.
Next, Tadawul group, owner of the Saudi Exchange, added 5.4 percent to reach an all-time high of SR169 ($45).
In the financial sector, Riyad Bank and the Saudi British Bank, or SABB, recorded gains in the range of 4 to 5 percent. However, Al Rajhi Bank, the Kingdom’s largest bank by market value, dropped 1.2 percent.
Shares of Mouwasat Medical Services Co. recouped early morning losses, up 3 percent. This followed the board’s recommendation of a SR2.75 dividend per share for 2021.
Aldrees Petroleum and Transport Services Co. ended the session 0.7 percent higher after posting profits of SR177 million in 2021, a 46-percent leap from a year earlier.
The Gulf’s largest miner, Ma’aden, saw the highest losses in today’s session, down 2.6 percent to SR88.6.
