TASI flat as investors monitor US-China tensions: Opening bell

RIYADH: Saudi Arabia’s main index, TASI, and the parallel market, Nomu, started the week’s final session flat at 12,294 and 21,750 respectively, as investors monitored US-China tensions following Nancy Pelosi’s visit to Taiwan.

As of 10:07 a.m. Saudi time, the Kingdom’s oil giant Saudi Aramco started the day with a 0.63 percent decline.

The Saudi National Bank dropped 0.28 percent, while the Kingdom’s largest valued bank, Al Rajhi, added 0.46 percent.

Riyad Bank gained 1.10 percent, after its first-half profit rose 10 percent to SR3.2 billion ($842 million).

National Industrialization Co. gained 0.60 percent, despite a profit decline of 11 percent in the first half of 2022 to SR606 million.

Saudi Steel Pipe Co. gained 3.42 percent, after it recorded profits of SR26 million in the first half of the year, compared with losses of SR16.7 million in the same period of 2021.

Saudi Industrial Investment Group dropped 3.39 percent to lead the fallers, after its profits for the first half declined by 36 percent to SR519 million.

Brent crude fell to $96.38 a barrel, while West Texas Intermediate fell to $90.39, as of 10:19 a.m. Saudi time.