TASI edges higher as oil prices rise: Opening bell

RIYADH: Saudi Arabia’s main index, TASI, opened higher for the second day this week as oil prices continued to rise.

As of Tuesday, 10:33 a.m. Saudi time,TASI index traded 0.03 percent higher at 12,208 points, while Nomu, the parallel market, fell 0.02 percent to reach 25,101 points.

In the energy market, US WTI crude prices hit $94.76 per barrel, while Brent crude prices sold at $95.68 per barrel.

The stock of Saudi Arabia’s oil giant Aramco opened flat today.

Saudi Steel Pipe Co. gained 2.03 percent after it was awarded a deal worth SR80.6 million to supply oil and gas steel pipes to Aramco.

Tabuk Agricultural Development Co. rose 2.76 percent following the announcement that the company would redirect SR47 million originally allocated for real estate business acquisitions for operational and investment purposes.

Herfy Food Services Co fell 0.67 percent after receiving a letter from an investor holding over 5 percent of the stock requesting that the board meet and vote on whether to terminate board members.

East Pipes Integrated Co. for Industry rose 0.35 percent as it debuted on the Saudi stock exchange on Monday.

In the financial sector, Saudi Arabia’s largest valued bank, Al Rajhi Bank, soard 0.4 percent, while Alinma Bank rose 0.66 percent.