RIYADH: Saudi stocks opened lower — reversing two days of gains — in the opening session of Tuesday, amid confusion over the direction of energy prices and a string of negative earnings reports.
The Saudi main stock index, TASI, was down 0.71 percent at 13,716, while the parallel market, Nomu, dropped 0.15 percent to 23,440, as of 10:08 a.m. Saudi time.
Oil prices continued to decline this week, with Brent crude reaching $105.38 per barrel and WTI crude reaching $102.69 per barrel, at 10:20 a.m. Saudi time.
Etihad Atheeb Telecommunication Co. rose 3.27 percent to lead the gainers, while telecom giant stc slipped 3.02 percent.
In the financial sector, Alinma and Al Rajhi Bank both opened flat, while Riyad Bank fell 4.74 percent to lead the fallers.
The Saudi National Shipping Co., also known as Bahri, declined 0.28 percent, following its announcement to issue a sukuk worth SR3.9 billion ($1.04 billion).
Digital security firm Elm Co. edged down 1.35 percent after its shareholders approved dividends of SR3 per share for 2021.
Saudi Industrial Investment Group dropped 0.15 percent, after reporting a 23 percent fall in profits for the first quarter.
SABIC Agri-Nutrients Co. climbed 1.87 percent, after reporting a 494 percent increase in profit to SR2.5 billion in the first quarter.