Saudi stocks rise slightly as oil prices soar: closing bell

RIYADH: Saudi stocks were up slightly on Sunday, despite the Russia-Ukraine conflict dragging global stock markets down, as oil surged to multi-year highs.

At the closing bell, the main index, TASI, gained 0.38 percent to reach 12,804, while the parallel market declined 0.06 percent to 24,752.

In the energy market, Brent crude oil spiked to $118.11 per barrel whereas US WTI crude climbed to $115.68 per barrel.

The Saudi industrial exporter, known as SIECO, gained 9.97 percent, after announcing it has narrowed its cumulative losses to 24 percent of capital.

Al-Etihad Cooperative Insurance Co. ranked second on the gainers list, with a 9.94 percent rise, as its board approved a capital increase of 12.5 percent.

Further among the gainers, Methanol Chemicals Co. gained 8.67 percent, as it turned from losses into profit of SR244 million ($65 million) in 2021.

Leading the decliners, Gulf Union Alahlia Cooperative Insurance Co., slipped 3.76 percent

Shares in Aramco, the largest player on the Saudi oil market, rose 0.68 percent.

Riyad Bank fell 2.44 percent, despite reporting a 28 percent increase in profit in 2021.

Elsewhere in the financial sector, Alinma Bank shares dropped 3.38 percent, while Al Rajhi Bank’s shares gained 0.38 percent.