RIYADH: Saudi stocks opened higher in the early morning trading session, despite ongoing market fears of higher interest rates weighing on investors’ sentiment.
The main index, TASI, gained 0.11 percent to reach 11,477, while the parallel market, Nomu, started flat at 21,082, as of 10:08 a.m. Saudi time.
This was led by a rise in the banking sector, with Al Rajhi, the Kingdom’s largest valued bank, adding 0.25 percent, and Saudi National Bank adding 0.75 percent.
Among the biggest IT companies, Elm Co. gained 0.48 percent and Al Moammar Information Systems Co. gained 0.12 percent, respectively.
Shares of Saudi Aramco, the largest player on the Saudi oil market, opened 0.52 percent lower.
Fawaz Abdulaziz Alhokair Co. led the fallers with a 3.07 percent decline, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 2.48 percent.
In the energy sector, West Texas Intermediate crude was trading at $108.56 per barrel and Brent crude was trading at $111.74 per barrel as of 10:10 a.m. Saudi time.