Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday

RIYADH: Saudi stocks nudged higher on Wednesday in line with a rise in oil prices. TASI the main index added 0.2 percent to close at 12,713, while the parallel Nomu market gained 0.6 percent to 22,832. Shares of state-owned Saudi Electricity shed 8 percent after posting a drop in first-quarter profit. In line with the Saudi index, stock exchanges of Abu Dhabi, Qatar, Bahrain, Egypt, and Kuwait all advanced in the previous session, led by a 2.1 percent gain for Kuwait’s BKP. However, Dubai and Oman bucked the trend to close lower, down 0.9 and 0.2 percent, respectively. Crude prices extended gains on Thursday, with Brent crude up 1.4 percent to $110.68 and US West Texas Intermediate trading 0.8 percent higher at $110.41 as of 9:13 a.m. Saudi time. Gulf Union Alahlia Cooperative Insurance Co. managed to narrow its net loss before Zakat by 64 percent to SR20.4 million ($5.44 million) Saudi Real Estate Co. received shareholders’ nod to raise capital to SR3.7 billion United Cooperative Insurance Co.’s net loss before Zakat was trimmed by 26 percent to SR19.9 million last quarter Aljazira Takaful Taawuni Co. saw its net profit drop 32 percent to SR9.4 million in the first quarter