RIYADH: Saudi Arabia’s main index traded higher on Tuesday, regaining some of its momentum after closing at one of its lowest levels since January on Monday, as oil prices and concerns about slowing economic growth weighed on investor sentiment.
The main index, TASI, added 0.94 percent to 11,468, while the parallel market, Nomu, rose 0.26 percent to 21,097, as of 10:09 a.m. Saudi time
Al Sagr Cooperative Insurance Co. surged 9.95 percent to lead the gainers, followed by Al Hammadi Co. for Development and Investment, with a gain of 6.28 percent after it raised capital to SR1.6 billion ($427 million), and appointed a new CEO.
As for the fallers, Saudi Industrial Export Co. led with a 9.98 percent decline, followed by Arab Sea Information System Co. with a 9.96 percent decline.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi increased 1.20 percent, while Alinma Bank increased 1.69 percent.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.95 percent.
The shares of telecom giants stc and Zain KSA gained 0.60 percent and 0.89 percent, respectively.
Also among the gainers was ACWA Power Co. with a 5.45 percent gain and Amana Cooperative Insurance Co. with a 4.91 percent gain.