UAE national banks provided $190bn credit facilities to business sector 

RIYADH: Saudi stocks opened the week in positive territory on the back of rising oil prices and solid company earnings.

This is despite a 0.75 percent interest rate hike by the Gulf Cooperation Council’s central banks last week.

The main index, TASI, started 0.62 percent higher at 12,155, while the parallel market, Nomu, started flat at 20,958, as of 10:08 a.m. Saudi time

The Kingdom’s largest valued bank, Al Rajhi, was up 0.89 percent, after its net profit rose 12 percent, hitting SR8.4 billion ($2.2 billion) in the first half of 2022.

Saudi National Bank, the Kingdom’s largest lender, added 0.57 percent, following the news last week that its net profit nearly doubled in the first half.

Saudi British Bank, which was voted the best bank in 2022, added 0.95 percent, while the Kingdom oil giant Aramco started the day 0.13 percent higher.

Saudi-listed Nama Chemicals Co. increased 0.81 percent after it saw its profit jump by 207 percent in the first half of 2022 to SR60 million.

SABIC Agri-Nutrients Co. rose 2.86 percent, leading the gainers, while City Cement Co. was down 0.79 percent, leading the fallers.

United Cooperative Assurance Co. edged up 2.62 percent last week, erasing some of its losses from last week.

Brent crude ended Friday at $103.97 a barrel, while West Texas Intermediate settled at $98.62.