RIYADH: Saudi stocks opened flat on Monday, while oil prices crept higher as investors fretted over tight supply.
As of 10:09 a.m. Saudi time, the main index, TASI, was almost flat, up just 0.05 percent at 13,089, while the parallel market Nomu was down 0.18 percent at 24,812.
Oil prices rebounded after falling at Friday’s close, with Brent crude reaching $105.78 per barrel, and US benchmark West Texas Intermediate hitting $100.51, as of 10:22 a.m. Saudi time.
Alujain Holding Corp. led the gainers with a 3.94 percent gain, while Tourism Enterprise Co. led the fallers with a 1.26 percent decline.
ACWA POWER Co. gained 2.08 percent, as it began construction on the world’s largest green hydrogen project in Neom with a $900 million contract.
Arabian Internet and Communications Services Co. rose 0.09 percent, after signing a binding agreement to buy 89 percent of Egypt’s Giza Systems Co. and 34 percent of Giza Arabia for $158 million in cash.
Among the financial sector companies, Alinma Bank edged down 0.26 percent, while Al Rajhi Bank edged up 0.12 percent.
Pharma giants Nahdi Medical Co. lost 0.13 percent, while Saudi Ceramic Co. added 0.57 percent.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading session 0.35 percent lower.
