RIYADH: Saudi Arabia’s main stock market opened higher on Wednesday after credit rating agency Moody’s affirmed the Kingdom’s rating at ‘A’ with a stable outlook.
The main TASI index added 0.54 percent to 12,731, while the parallel market Nomu slipped nearly 0.2 percent to 22,277 as of 10:08 a.m. Saudi time.
This was driven by gains in some of TASI’s biggest weights, with oil giant Aramco rising 0.9 percent and the biggest player in the banking sector, Al Rajhi Bank, adding 0.7 percent.
Further in the financial sector, shares of the Kingdom’s largest lender Saudi National Bank surged 1.7 percent.
East Pipes Integrated Co. for Industry saw a 0.7 percent rise in its share price after obtaining Shariah-compliant financing worth SR500 million ($133 million).
Saudi Industrial Development Co. added 2.3 percent to lead the gainers in early trading, while Saudi developer Dar Al Arkan recorded the biggest drop of almost 2.2 percent.
In energy trading, oil prices edged up ahead of data on US oil inventories, with Brent crude crossing $121 a barrel and US West Texas Intermediate up to $120.01 at 10:05 a.m. Saudi time.