RIYADH: Saudi Arabia’s main stock index extended gains for a third consecutive day on Wednesday, with stocks in the oil-rich nation tracking a rally in oil prices.
Expectations of a new round of sanctions on Russia propelled supply chain concerns and, in turn, sent oil prices higher.
Brent crude oil reached $102.86 per barrel on Thursday while US benchmark WTI hit $97.76 per barrel at 9:03 a.m. Saudi time.
At the previous closing bell, TASI rose 0.4 percent to 13,255 points, whereas the parallel market Nomu shed 0.3 percent to 24,142.
Elsewhere in the GCC, Qatar and Kuwait topped the gainers, both up 1.5 percent, followed by Bahrain’s BAX.
The Omani index edged 0.1 percent higher, while Abu Dhabi’s bourse shed 0.2 percent.
Dubai’s DFMGI ended the session nearly unchanged as it awaits the trading launch of state-owned Dubai Electricity and Water Authority.
Stock news
Alinma Tokio Marine received a letter to renew the extended warranty program with Abdul Latif Jameel, amounting to SR25.7 million ($6.85 million)
Saudi Reinsurance Co.’s board proposed a capital increase to SR446 million through a rights issue in support of the company’s capital base
Shareholders of Fesh Fash Snack Food Production Co. are set to receive cash dividends of SR1 per share for 2021
Al-Khaleej Training and Education Co. extended its memorandum of understanding to acquire 60 percent in Al-Faisaliah National Schools Co. for 90 more days