RIYADH: Saudi stocks rose in the last trading session but continued to trade at a low level, with persistent worries that a global recession could be triggered by rising interest rates.
The main index, TASI, increased 0.28 percent to reach 11,351, while the parallel market, Nomu, fell 0.10% to 20,630, as of 10:07 a.m. Saudi time.
Al Moammar Information Systems Co. climbed 4.89 percent to lead the gainers, following its shareholders’ approval to increase its capital by 20 percent to SR300 million ($80 million).
Following this was Rabigh Refining and Petrochemical Co. with a 2.22 percent gain, and Saudi British Bank with a 2.10 percent gain.
Saudi Real Estate Co. led the laggards with a 3.62 percent decline, followed by Al Hammadi Co. for Development and Investment with a 2.32 percent fall.
Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.40 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi increased 0.61 percent, while Alinma Bank improved 0.46 percent
In the pharma sector, Aldawaa Medical Services Co. decreased 1.23 percent, while Nahdi Medical Co. gained 0.40 percent.
The shares of telecom giants stc edged up 0.10 percent, while Zain KSA declined 0.37 percent.
Saudi Arabia Refineries Co. added 0.62 percent, following the signing of two non-binding agreements for renewable energy with the UK-based Christof Global Impact.