RIYADH: Saudi stocks opened in the red for the first trading day of June as market sentiment is plagued by uncertainty resulting from inflation and oil price swings..
The main index, TASI, shed 0.54 percent to 12,851, while the parallel market, Nomu, lost 0.20 percent to 22,725, as of 10:08 a.m. Saudi time.
Saudi Arabian Mining Co., known as Ma’aden, fell 2.92 percent leading the market fallers, despite shareholder approval of a 100 percent capital increase.
Among other fallers are Saudi Tadawul Group Holding Co., down 0.86 percent, and Najran Cement Co., down 1.22 percent.
Group Five Pipe Saudi Co. gained 6.83 percent, after securing a deal worth SR145 million ($39 million) from Saudi Aramco to supply steel pipes.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.95 percent.
Al Hassan Ghazi Ibrahim Shaker Co. appreciated 3.96 percent, after it signed an agreement with Italy's Bompani to establish a joint venture.
Etihad Atheeb Telecommunication Co. rose 0.76 percent, as losses narrowed to SR37.4 million in the fiscal year ended March 31, 2022.
Amana Cooperative Insurance Co. surged 8.08 percent, leading the market gainers since yesterday's early trading.
Telecom giants stc and Zain KSA were both down by 0.19 percent and 1.35 percent respectively.
In the pharma sector, Aldawaa Medical Services Co. edged down 0.51 percent, while Nahdi Medical Co. fell 1.11 percent.
The energy market saw Brent crude traded at $117.24 a barrel and US West Texas Intermediate crude reached $116.33 a barrel, as of 10:16 a.m. Saudi time.
