RIYADH: Saudi stocks opened in the green for the second day in a row as fear receded in the market despite skyrocketing oil prices and gloomy predictions for the month ahead.
The main index, TASI, gained 0.22 percent to reach 12,717 while the parallel market, Nomu, added 0.04 percent to 22,410, as of 10:08 a.m. Saudi time.
Amana Cooperative Insurance Co. rallied 9.9 percent, leading the market gainers; Almunajem Foods Co. fell 2.68 percent, leading the market fallers.
Al Moammar Information Systems Co. gained 3.82 percent, following its plan to raise its capital by 20 percent, to SR300 million ($80 million).
East Pipes Integrated Co. for Industry rose 3.89 percent, after securing a SR490 million deal to supply water pipes to the Saline Water Conversion Corporation.
Solutions by stc, also known as the Arabian Internet and Communications Services Co, edged down 1.81 percent, following its shareholders approving a dividend payout of SR4 per share for 2021.
Among the gainers on the list, Saudi Basic Industries Corp., or SABIC, rose 11.40 percent, and Saudi Home Loans Co. improved 1.75 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.52 percent, while Alinma Bank increased 0.39 percent.
Telecom giants stc and Zain KSA were both up by 0.19 percent and 0.15 percent respectively.
In the pharma sector, Aldawaa Medical Services Co. edged down 0.38 percent, while Nahdi Medical Co. opened flat.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.36 percent.
The energy market saw Brent crude traded at $119.72 a barrel and US West Texas Intermediate crude reached $115.61 a barrel, as of 10:22 a.m. Saudi time.