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

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

RIYADH: Saudi stocks reversed the prior session’s losses to start the week higher on Sunday, after oil giant Aramco beat analysts’ expectations with record profits. The main TASI index closed 2.5 percent higher at 13,149, and the Kingdom’s parallel Nomu market was up 0.9 percent to 22,845. Shares of Aramco surged 4.2 percent intraday in response to an 82-percent increase in first-quarter profit to SR148 billion ($40 billion). Bahrain’s BAX also recorded gains of 0.6 percent on Sunday, while stock indexes of Qatar and Egypt lost 2 and 1.4 percent, respectively. The Omani bourse ended the session almost flat. In energy trading, Brent crude was priced at $109.76 a barrel, and US benchmark WTI traded at $109.04 a barrel at 9:00 a.m. Saudi time. Taiba Investments Co. turned into a profit of SR20 million in the first quarter, supported by post-pandemic recovery Saudi Azm was awarded a project to provide advisory services to the ministry of communications and information technology’s digital transformation unit Azm got its board’s approval to establish an office with a capital of SR500,000 for software development in Poland Insurance firm Tawuinya’s net profit before Zakat declined 49 percent to SR41 million last quarter Saudi Steel Pipe