Saudi stocks stay in green, as TASI likely to record biggest annual leap in decade: Closing Bell

Saudi stocks stay in green, as TASI likely to record biggest annual leap in decade: Closing Bell

RIYADH: The Kingdom’s stock exchange saw gains on Tuesday with most of the stocks ending in green territory after recouping two-day losses, thus reviving investor optimism despite worries. Both Saudi indexes – and – ended the session higher, up 1.4 percent and 1.8 percent to 11,315 and 26,705 points, respectively. The latest gain put TASI on the road to recording its biggest annual leap in over 10 years, having secured a 30-percent increase year-to-date. This came in line with rising oil prices where Brent crude oil sustained 1.21 percent of gains to reach $79.6 per barrel, while US crude surged 1.42 percent to $76.6 per barrel as of 3:33 p.m. Saudi time hit its highest closing price in over a month, reaching SR143 ($38). The bank had over SR404 million worth of shares changing hands intraday. Among the top gainers, Astra Industrial added 5 percent to close at SR41.5, followed by , Zoujaj, and Amiantit which rose nearly 4 percent each. The hike in Al-Moammar was driven by its initial agreement with Al Rajhi Capital to launch an investment fund worth SR1 billion, whereas soared after its board resolved to use fair value revaluation for its real estate and property