TASI is up as oil prices retreat slightly: Opening bell

TASI is up as oil prices retreat slightly: Opening bell

RIYADH: Saudi Arabia’s stock market opened higher In the last trading session of the week following a slight dip in oil prices. The main index, TASI, rose 0.45 percent to reach 12,031, while the parallel market, Nomu, rose 0.38 percent to 21,383, as of 10:06 a.m. Saudi time. In energy trading, Brent crude reached $119.42 a barrel and US West Texas Intermediate traded at $116.36 a barrel, as of 10:09 a.m. Saudi time. Al Alamiya for Cooperative Insurance Co. topped the gainer's list with a 3.35 percent gain, after it secured a SR72 million ($19.2 million) insurance deal with Riyad Bank. The shares of Al Sagr Cooperative Insurance Co. plunged 2.20 percent to lead the decliners in the list. In the pharma sector, Aldawaa Medical Services Co. rose 0.56 percent, while Nahdi Medical Co. declined 0.26 percent. Shares of Saudi Aramco, the largest player on the Saudi oil market, opened the day up 0.39 percent. Both the telecom giants stc and Zain KSA gained 1.66 percent and 0.77 percent respectively. In the financial sector, the Kingdom’s largest valued bank Al Rajhi added 1.12 percent, while Alinma Bank rose 1.83 percent. National Shipping Co. of Saudi Arabia, better known as Bahri,