RIYADH: Saudi stocks began the week’s final session on a positive note, recovering from a recent selloff sparked by interest rate hikes around the globe to tame inflation.
The main index, TASI, started 29 percent higher at 11,808, while the parallel market, Nomu, started almost flat at 20,768 as of 10:08 a.m. Saudi time.
Naseej International Trading Co. gained 5.14 percent, leading gainers, followed by Al Abdullatif Industrial Investment Co. with a gain of 3.47 percent.
Leading the fallers was Yanbu Cement Co. with a 1.76 percent decline, followed by Takween Advanced Industries Co. dropping 0.34 percent.
Saudi oil giant Aramco added 0.13 percent, while Saudi National Bank, one of the Kingdom’s biggest lenders, rose 1.32 percent.
Saudi British Bank, which was voted the best bank in 2022, fell 0.47 percent, while the Kingdom’s largest valued bank Al Rajhi rose 0.80 percent.
Among the biggest information technology companies, Elm Co. was down 0.42 percent, while Al Moammar Information Systems Co. was up 0.72 percent.
Saudi Kingdom Holding climbed 2.22 percent, following the announcement that it has invested SR1.01 billion ($268 million) in UK-based M&G plc.
Aldrees Petroleum and Transport Services Co. saw its shares rise by 1.53 percent, after its first-half profit soared 44 percent.
Arabian Centres Co. rose 1.34 percent, after it inked a SR970 million deal to develop a mall in Al-Khobar.
In energy trading, Brent crude hit $106.15 a barrel and US West Texas Intermediate reached $102.26 a barrel, as of 10:04 a.m. Saudi time.