RIYADH: Saudi stocks are up at the start of the first session of the week as global markets look for a rebound, although oil prices are still swinging up and down.
Oil prices rose on Friday as US gasoline prices jumped to a record high, with Brent crude rising 3.8 percent to settle at $111.55 a barrel and WTI crude rising 4.1 percent to settle at $110.49.
The Saudi main stock index, TASI, rose 1.65 percent at 13,044, while the parallel market, Nomu, rose 0.78 percent to 22,824, as of 10:07 a.m. Saudi time.
Arabian Pipes Co. climbed 5.22 percent to lead the gainers despite shareholders rejecting the proposal to increase the company’s capital by 300 percent
Shares of Saudi oil giant Aramco rose 2.58 percent, after it reported an 82-percent increase in profit to SR148 billion ($40 million) for the first quarter.
Following losses last week, the financial sector rebounded this week with Al Rajhi Bank up 1.60 percent and Alinma Bank up 2.86 percent.
Al-Jouf Agricultural Development Co. climbed 3.81 percent, after posting a 297 percent profit surge to SR15 million in the first quarter of 2022.
Saudi Chemical Co. edged down 0.72 percent after its first-quarter profit fell by 20 percent to SR32.7 million.
Saudi Tadawul Group Holding Co. edged down 1.72 percent, after posting lower profits of SR141 million in the first quarter of 2022.
The Walaa Cooperative Insurance Co. dropped 2.35 percent, after announcing it widened losses by 35 percent to SR32 million during the first quarter.
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