RIYADH: Saudi Arabia’s main index, TASI, wiped out early morning losses in the final trading session before Eid break, adding 0.63 percent to 11,416.
This follows Al Rajhi Capital’s forecast that the Saudi stock market is not expected to suffer sharp declines.
Mazen Al-Sudairy, head of research at Al Rajhi Capital, told Ashraq the oil price will remain above $90, which is beneficial to the Saudi economy and market.
The parallel market, Nomu, finished Wednesday’s session 0.49 percent higher, reaching 21,238 points.
Tanmiah Food Co. led the market gainers with 6.85 percent gain, following its agreement to sell two subsidiaries to US Tyson for SR262.6 million ($70 million).
In the banking sector, the Kingdom’s largest valued bank Al Rajhi climbed 2 percent, while the Saudi National Bank appreciated 1.66 percent.
Saudi British Bank, which was voted the best bank in 2022, advanced 1.59 percent of its share price.
Chemicals maker Petro Rabigh rose 2.31 percent, while Advanced Petrochemical Co. dropped 3.64 percent, after reporting a 37 percent decline in profit for the first half of 2022, hit by raw material costs.
Saudi Aramco, the largest player on the Saudi oil market, slid 0.91 percent, and Methanol Chemicals Co. slipped 1.35 percent.
The National Shipping Co. of Saudi Arabia, known as Bahri, gained 0.78 percent to lead the gainer, following the completion of its SR3.9 billion sukuk offering.
In the energy sector, West Texas Intermediate crude was trading at $100.52 per barrel and Brent crude was trading at $104.55 per barrel as of 3:33 p.m. Saudi time.