RIYADH: Saudi Arabia’s main stock market opened higher on Wednesday, amid a wave of key bank earnings.
TASI the main index added 0.4 percent to 13,551, and the parallel market Nomu slipped 0.15 percent to 23,620 as of 10:08 a.m. Saudi time.
The banks’ index, which captures the performance of major banks listed on Tadawul, went up by 0.74 percent, following an earnings beat for most industry members.
Al Rajhi Bank, Saudi National Bank, Saudi Investment Bank, Riyad Bank, Saudi British Bank, Arab National Bank, and Bank AlJazira all reported growth in first-quarter profit.
Shares in the Kingdom’s highest valued bank Al Rajhi surged 0.11 percent in response to the results, while its largest lender SNB gained 3 percent.
Among the heaviest weights on TASI, oil giant Aramco and chemical firm SABIC both extended gains, after Fitch revised their credit rating to positive from stable.
Amana Insurance led the gainers in early trading as it added nearly 7 percent, while the Saudi Arabia Refineries Co. was the biggest loser, down 2 percent.
Oil prices advanced, with Brent crude trading at $106.16 a barrel and US benchmark WTI reaching $102.62 a barrel as of 9:59 a.m. Riyadh time.
