RIYADH: Saudi Arabia’s main stock index, TASI, started the trading week higher in line with rising oil prices, which recorded their sixth weekly gain on Friday, amid concerns over tight supplies.
Brent crude oil exceeded $90 per barrel, and US benchmark WTI crude oil rose to $86.8 per barrel.
TASI edged up by 0.66 percent, to 12,259 points, and the parallel Nomu market was down 0.65 percent, to 25,492 points.
In response to higher oil prices, energy stocks were up as Tadawul kicked off the trading week. Petro Rabigh added 0.9 percent, followed by oil giant Aramco, up 0.7 percent.
Saudi Industrial Export Co. topped the gainers, as it saw a 10 percent surge in its share price.
In the financial sector, Al Rajhi Bank and Alinma Bank gained 0.14 and 2.3 percent, respectively, amid trading of over 16.7 million shares in the latter.
As they announced their earnings results for the year 2021, Saudi Arabia’s largest food chain, Herfy Food Service Co., and petrochemical firm SABIC Agri-Nutrients were both down approximately 3 percent.
Herfy Food Service had earlier reported a threefold hike in its estimated annual profit for 2021, and SABIC Agri-Nutrients saw a fourfold jump in profits hitting SR5.23 billion ($1.2 billion).
Shares in Saudi Automotive Services Co., known as SASCO, held onto their winning streak as they soared 5.76 percent.