Saudi stocks continue to rebound tracking crude prices: Closing bell

RIYADH: Saudi Arabia’s main index, TASI, expanded again on Wednesday, closing 0.88 percent higher at 11,864 with oil prices continuing to rise.

Nomu, the parallel market, fell by 0.27 percent reaching 20,760 points at the end of today’s trading session.

In energy trading, Brent crude hit $105.58 a barrel and US West Texas Intermediate reached $102.61 a barrel, as of 3:16 p.m. Saudi time.

Al Moammar Information Systems Co., one of the biggest IT companies in the Kingdom, rose 10 percent to lead the gainers in the market.

Saudi oil giant Aramco added 0.39 percent, while Saudi National Bank, one of the Kingdom’s biggest lenders, decreased 0.73 percent.

Saudi British Bank, which was voted the best bank in 2022, rose 1.32 percent, while the Kingdom’s largest valued bank Al Rajhi jumped 3.06 percent.

In the pharma sector, Aldawaa Medical Services Co. ended flat, while Nahdi Medical Co. declined 0.34 percent.

Academy of Learning Co. edged down 3.45 percent, after declaring a dividend of SR1.5 per share for the half-years of 2022, 2023, and 2024.

United Cooperative Assurance Co. led the falls since Tuesday with a decline of 8.50 percent, followed by Saudi Arabian Cooperative Insurance Co. dropping 9.94  percent.