Saudi stocks jump on higher oil prices, recover from losses
Saudi Arabia’s main index gained on Tuesday, recovering from its early losses as oil prices rose.
The Tadawul All Share Index rose 2.11 percent to end at 11,809, while the parallel market Nomu declined 0.35 percent to finish at 19,725.
The gain was led by a 1.14 percent leap in oil behemoth Saudi Aramco, and a 0.14 percent gain in Rabigh Refining and Petrochemical.
Saudi National Bank, the Kingdom’s largest lender, gained 4.23 percent, while Saudi British Bank surged 3.69 percent.
The Kingdom’s most valued bank, Al Rajhi, climbed 3.12 percent, while Alinma Bank was up 0.85 percent.
Sahara International Petrochemical Co, or Sipchem, declined 1.42 percent, despite posting a 37 percent jump in net profit during the first nine months of the year.
Yamama Cement Co. fell 0.16 percent, despite a 28 percent rise in profit for the first nine months of 2022 as a result of higher sales, leading to a rise in stock prices at the opening of Tuesday.
The cement maker’s net profit
rose to SR222 million from SR172 million in the same period last year, a bourse filing shows.
Along with an increase in sales, Yamama said that the decrease in zakat provisions and selling expenses for the current period contributed to the higher profit.
Saudi Paper Manufacturing Co. gained 9.94 percent to lead the gainers, after its shareholders approved raising the company capital to SR337 million.
Al Moammar Information Systems Co. soared 3.73 percent on news that it was awarded a SR58 million ($15 million) contract by NEOM for research collaboration.