Closing bell: TASI slips 12 points as fluctuating oil market looms large

Closing bell: TASI slips 12 points as fluctuating oil market looms large

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped 12.10 points, or 0.11 percent, to finish at 11,293.18 on Wednesday, as fluctuating oil prices affected investors’ confidence.

While the parallel market Nomu edged up 96.35 points to 21,151.91, the MSCI Tadawul Index dropped slightly by 0.03 percent to 1,519.71.

The total trading turnover of the benchmark index on Wednesday was SR5.70 billion ($1.52 billion).

Brent crude price fell 16 cents to $77.28 at 4:00 p.m. Saudi time, even as US West Texas Intermediate crude declined 13 cents to $73.58.

Al Sagr Cooperative Insurance Co. was the top gainer of the day, as its share price soared by 9.93 percent to SR17.72.

Other top performers were Naqi Water Co. and National Industrialization Co., whose share prices edged up by 3.61 percent and 3.43 percent, respectively.

The worst performer on Wednesday was Ash-Sharqiyah Development Co., with the company’s share price dropping 8.14 percent to SR24.16.

On the announcements front, ACWA Power reported its net profit climbed by 77.63 percent in the first quarter of 2023 to SR269.73 million, compared to SR151.85 million in the same period a year ago.

In a statement to Tadawul, the utility major attributed the rise in profit to higher operating revenue, primarily driven by increased contributions