RIYADH: Saudi stocks rose in the first trading session of the week, easing after steep losses, but investors remain cautious due to upcoming rate hikes by major central banks and global recession risks.
The main index, TASI, increased 1.80 percent to close at 11,514, while the parallel market, Nomu, decreased 0.85 percent to 20,552 as of 10:07 a.m. Saudi time.
Rabigh Refining and Petrochemical Co. gained 6.11 percent to lead the gainers, followed by Saudi Ground Services Co. with a 3.82 percent gain.
AlAhli REIT Fund (1) led the laggards with a 0.36 percent decline, followed by Arabia Insurance Cooperative Co. with a 0.27 percent fall.
Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 1.21 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 2.41 percent, while Alinma Bank rose 2.30 percent.
In the pharma sector, Aldawaa Medical Services Co. improved 2.60 percent, while Nahdi Medical Co. gained 1.04 percent.
Both telecom giants stc and Zain KSA gained 2.06 percent and 1.47 percent, respectively.
Methanol Chemicals Co. climbed 1.93 percent, after reporting that it would pay SR273 million ($73 million) as an early loan payment to SIDF and lenders.
Middle East Healthcare Co. rose 2.17 percent, after reporting that it has opened a Saudi German clinic complex in the Al Samer District of Abha city, accommodating 30 clinics.
Prices of oil increased on Friday in response to tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.