RIYADH: The Saudi stock market started the first trading session of the week in negative territory following the shift in oil prices last week, which has caused investors to become concerned.
The Tadawul All Share Index opened 0.35 percent lower on Sunday at 12,100, while the parallel Nomu added 0.54 percent at 21,441, as of 10:08 a.m. Saudi time.
Saudi oil giant Aramco started the day with a 0.13 percent increase, while Methanol Chemicals Co. opened with a 1.35 percent decline.
The Saudi National Bank, the country’s biggest lender and a major market player, saw its share price decline by 0.58 percent.
Alinma Bank fell 0.40 percent, while Al Rajhi, the Kingdom’s largest valued bank, fell 0.67 percent.
Arabian Contracting Services Co. gained 1.46 percent, after its board proposed a SR1.9 ($0.8) dividend per share for the first half of 2022.
Amana Cooperative Insurance Co. rose 3.76 percent, while Allied Cooperative Insurance Group fell 0.65 percent, following the signing of a memorandum of understanding to potentially merge both companies.
Saudi Enaya Cooperative Insurance Co. gained 4.24 percent to lead the gainers in early trading sessions, while Saudi Telecom Co. fell 2.22 percent to lead the fallers.
Brent crude futures settled at $93.2 a barrel on Friday, while US West Texas Intermediate exited the week at $86.87 a barrel.