RIYADH: Saudi stocks rose for a third straight day on easing investor concerns despite steep rises in oil prices.
The main index, TASI, rose 0.60 percent to 12,984 and the parallel market, Nomu, added 0.11 percent to 22,834, as of 10:12 a.m. Saudi time
Amana Cooperative Insurance Co. rallied 7.05 percent, leading the market gainers; Arab Sea Information System Co. slipped 2.07 percent, leading the market fallers.
Saudi Arabian Mining Co., known as Ma’aden, gained 3.49 percent after its shareholders approved a capital increase of 100 percent to SR24.6 billion ($6.56 billion).
Among the gainers on the list, Saudi Automotive Services Co., advanced 1.63 percent, and Saudi Industrial Export Co. gained 3.46 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi climbed 0.60 percent, while Alinma Bank edged up 0.38 percent.
In the telecom sector, stc edged up 0.77 percent and Zain KSA was down by 0.15 percent.
In the pharma sector, Aldawaa Medical Services Co. edged up 0.26 percent, while Nahdi Medical Co. increased 0.62 percent.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 1.21 percent.
The energy market saw Brent crude hit $123.45 a barrel and US West Texas Intermediate crude hit $118.80 a barrel, as of 10:09 a.m. Saudi time.