RIYADH: Saudi Arabia’s main index, TASI, opened flat on Monday, as cautious trading arose in response to earnings announcements.
As of 10:17 a.m. Saudi time, TASI was at 12,210 points, led by Amana Insurance which surged 4.8 percent.
Shares in Saudi shipping giant Bahri were up 3.3 percent, after announcing the board’s recommendation to boost capital by 25 percent.
That said, National Shipping Co., as it’s formally known, earlier reported an 88 percent fall in 2021 profit, as lower global shipping rates weighed on revenues.
Al-Yamamah Steel Industries Co. dropped 3.23 percent after posting a 20 percent drop in net profit for the first quarter of their fiscal year starting Sept. 1, 2021, compared to a year earlier.
In the financial sector, the Kingdom’s largest valued bank, Al Rajhi Bank, inched up by 0.27 percent, while Alinma Bank declined 1.18 percent amid trading of over 1.5 million shares.
The parallel market Nomu edged down 0.55 percent to 25,176 points, where Gas Arabian Services Co. topped the gainers on debut, up 30 percent to SR117 ($31.2).
In energy trading, Brent crude reached $93.29 per barrel, and US benchmark WTI traded at $91.88 per barrel as of 10:18 a.m. Saudi time.
