RIYADH: Saudi stocks saw the second day of gains in early morning trading, spurred by improved sentiment and stable oil prices that eased inflation concerns.
The main index, TASI, rose 0.47 percent to 11,567, while the parallel market, Nomu, dropped 0.04 percent to 20,673 as of 10:08 a.m. Saudi time.
In energy trading, Brent crude settled at $113.05 a barrel and US West Texas Intermediate reached $107.40 a barrel, as of 10:11 a.m. Saudi time.
Retal Urban Development Co., which was leading the gainers, saw its share price rise by 5 percent.
Saudi Arabia Refineries Co. followed with a 4.15 percent gain, following the announcement that it had registered its subsidiary, Al-Sado Investment Co., with a capital of SR5 million ($1.3 million).
Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.13 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.71 percent, while Alinma Bank rose 1.47 percent.
Arab National Bank’s shares increased 0.32 percent, following its board’s proposal to pay SR750 million in dividends for the first half of 2022.
In the pharma sector, Aldawaa Medical Services Co. opened flat, while Nahdi Medical Co. gained 0.78 percent.
Among telecom stocks, stc edged up 0.10 percent, while Zain KSA shed 0.52 percent.
Middle East Healthcare Co. advanced 1.22 percent, after it reported that the construction of its Saudi German hospital in Makkah has been completed.