RIYADH: Saudi stocks opened higher on Tuesday’s opening bell, but investors were still worried about the impact inflation will have on the economy.
The main index, TASI, gained 0.18 percent to reach 11,378, while the parallel market, Nomu, started flat at 20,684, as of 10:09 a.m. Saudi time.
This was led by a 1.29 percent rise in Saudi chemicals maker Petro Rabigh and 0.26 percent gain in Saudi Aramco, the largest player on the Saudi oil market.
In the banking sector, Al Rajhi, the Kingdom’s largest valued bank, rose 0.75 percent, and Saudi National Bank climbed 0.30 percent.
Saudi British Bank lost 1.10 percent of its share price in early trading.
Saudi Research and Media Group and Saudi Fisheries Co. led gainers with 2.25 percent and 3.31 percent gains, respectively.
Ataa Educational Co. topped the decliners in the early morning session, shedding 2.68 percent.
In the energy sector, West Texas Intermediate crude was trading at $110.01 per barrel and Brent crude was trading at $113.36 per barrel as of 10:03 a.m. Saudi time.