Saudi stocks soar over 300 points to 13149

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Saudi Arabia

Saudi stocks soar over 300 points to 13149

Saudi Gazette report RIYADH — Saudi Arabia’s benchmark Tadawul All Share Index (TASI) soared 2.5 percent or 314 points, to 13,149 points on Sunday. The turnover reached nearly SR6.8 billion. The index fell by nearly 1,000 points in the past four sessions. Saudi Aramco hit an all-time high at SR42.35 (+4 percent) amid trading of about 16.4 million shares. The oil giant reported an 82 percent year-on-year surge in Q1 2022 net profit after minorities to SR143 billion. Shareholders approved the board’s recommendation to increase the company’s capital from SR60 billion to SR75 billion by capitalizing SR15 billion from retained earnings by granting one share for every 10 shares. Al Rajhi Bank and SABIC edged up to SR103.90 (+4 percent) and SR123 (+2 percent) respectively. Riyadh Bank, SABB, Bank Albilad, Maaden, Jarir, and Almarai recorded an increase between 3 percent and 8 percent. SIECO was the top gainer, rising 9.9 percent to SR 66.60.

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