RIYADH: Saudi stocks regained some of its momentum on Tuesday, as commodity prices fell, which eased concerns about inflation.
The main index, TASI, gained 2.13 percent to 11,671, while the parallel market, Nomu, added 0.55 percent to 20,358.
This was led by a 3.32 percent increase in the Saudi oil giant Aramco and a 3.43 percent leap in one of the Kingdom’s biggest lenders, Saudi National Bank.
Both pharma giants Nahdi Medical Co. and Aldawaa Medical Services Co. saw their share prices rise by 2.02 percent and 0.60 percent, respectively.
In the telecom sector, stc shares climbed 2.06 percent, while Zain KSA shares climbed 1.19 percent.
Abdullah Al Othaim Markets Co. was also among the gainers, posting 5.85 percent gain.
Bawan Co. gained 5.32 percent, after reporting it intends to buy back up to 3 million shares to keep them as treasury shares.
Retal Urban Development Co. edged up 0.33 percent, following the announcement of a 62 percent rise in profit for the first quarter of 2022.
IT firms Elm Co. and Al Moammar both declined by 0.24 percent and 1.95 percent, respectively.
Brent crude settled at $116.73 a barrel and US West Texas Intermediate reached $110.84 a barrel, as of 3:30 p.m. Saudi time.