RIYADH: Saudi Arabia’s stock market started almost flat on Tuesday as investors watched the Kingdom raise its crude prices due to tight supply and expectations of strong demand this summer.
The main index, TASI, started 0.09 percent higher at 12,833, while the parallel market, Nomu, started 0.56 percent lower at 22,424, as of 10:07 a.m. Saudi time
Saudi Arabian Amiantit Co. climbed 3.99 percent, leading the gainers; Saudi Tadawul Group Holding Co. slipped 1.87 percent, leading the market fallers.
Other fallers included Middle East Specialized Cables Co. which lost 1.48 percent and Saudi Real Estate Co. which declined 1.45 percent.
Among the gainers on the list, Saudi Industrial Development Co. added 2.13 percent, and Arabia Insurance Cooperative Co. edged up 2.40 percent.
In the pharma sector, Aldawaa Medical Services Co. gained 0.13 percent and Nahdi Medical Co. shed 0.62 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.41 percent, while Alinma Bank increased 1.47 percent.
Allied Cooperative Insurance Group edged up 0.37 percent, following its election of Yasser Al Jarallah as chairman and Fayez bin Saleh as vice chairman.
Shares of telecom giants stc edged up 0.20 percent, while Zain KSA edged down 0.15 percent.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.12 percent.
Petrochemical maker Saudi Basic Industries Corp., mostly known as SABIC, added 0.69 percent.
In the energy sector, Brent crude rose 0.64 percent to reach $120.28 per barrel, while US WTI crude also gained 0.64 percent to $119.26 per barrel as of 10:03 a.m. Saudi time.