TASI rises due to higher crude oil prices: Closing bell

RIYADH: Saudi Arabia’s main index ended higher in its first trading session in August after rebounding in July to finish the month up 5.9 percent, boosted by rising crude oil prices and solid corporate earnings.

TASI climbed 1.15 percent to reach 12,338, while the parallel market, Nomu, finished 0.52 percent higher to 21,502.

Brent crude traded at $102.04 a barrel, while West Texas Intermediate settled at $96.05, as of 3:29 p.m. Saudi time.

Saudi National Bank, the Kingdom’s largest lender, added 1.58 percent, while the Kingdom’s oil giant Aramco ended 0.75 percent higher.

Saudi United Wire Factories Co., known as Aslak, gained 2.91 percent, after its first-half profits surged 40 percent to SR42 million ($11.2 million).

The Kingdom’s largest valued bank, Al Rajhi, was up 0.45 percent, despite closing on Sunday in the red after a 12 percent rise in its net profit in 2022, reaching SR8.4 billion.

Al-Baha Investment and Development Co. rose 2.53 percent, despite reporting that its losses widened by 158 percent to SR4.2 million during the first half.

Arab Sea Information System Co. increased 9.89 percent to lead the gainers, while Dar Alarkan Real Estate Development Co. dropped 1.65 percent to lead the fallers.