RIYADH: Saudi stocks opened in a positive territory after the earnings season finished with strong results, with listed companies reporting 73 percent profit growth in the first quarter, wiping away investor worries.
As of Wednesday’s opening bell, TASI gained 0.31 percent to reach 12,339, while the parallel market, Nomu, added 0.14 percent to 22,282, as of 10:09 a.m. Saudi time.
Saudi Industrial Export Co. gained 9.83 percent, leading the market gainers; Jabal Omar Development Co. fell 3.35 percent, leading the laggards.
Among the gainers on the list, ACWA Power Co. rose 1.44 percent, and Al Moammar Information Systems Co., or MIS, improved 1.75 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.44 percent, while Alinma Bank climbed 0.69 percent.
Telecom giants stc and Zain KSA were both up by 0.77 percent and 0.15 percent respectively.
In the pharma sector, Aldawaa Medical Services Co. gained 0.26 percent, while Nahdi Medical Co. shed 0.39 percent.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.75 percent.
The energy market saw Brent crude traded at $114.74 a barrel and US West Texas Intermediate crude reached $110.93 a barrel, as of 10:28 p.m. Saudi time.