TASI lower as higher oil prices fuel uncertainty: Opening bell

TASI lower as higher oil prices fuel uncertainty: Opening bell

RIYADH: The main index opened lower in the last trading session of the week as higher oil prices exacerbated uncertainty about the global economy The main index, TASI, opened 0.51 percent down at 12,701, while the parallel market, Nomu, started almost unchanged at 22,891 as of 10:09 a.m. Saudi time. Amana Cooperative Insurance Co. rallied 5.72 percent, leading the market gainers for a third day; Gulf Union Alahlia Cooperative Insurance Co. slipped 5.66 percent, leading the market fallers. Hail Cement Co. climbed 4.96 percent, following the news that it intends to buy up to 5 percent of its ordinary shares to hold as treasury shares. Saudi Cement Co. rose 2.14 percent, after it proposed an interim dividend payout of SR229.50 million ($61 million) for the first half of 2022. Yanbu Cement Co. advanced 0.52 percent, after reporting that it will pay SR0.75 per share in cash to shareholders in the first half of 2022. Al-Etihad Cooperative Insurance Co. rose 0.22 percent, after it signed a three-year deal to sell insurance through the Saudi National Bank. Both telecom giants stc and Zain KSA were up by 0.19 percent and 0.15 percent, respectively. In the pharma sector, Aldawaa Medical Services Co. and