https://arab.news/jvyfa
RIYADH: Saudi stocks erased early morning gains to close lower on Wednesday, even as Moody’s affirmed the Kingdom’s rating at ‘A’ with a stable outlook.
The main TASI index lost 0.5 percent to 12,596, and the parallel market Nomu slipped nearly 0.6 percent to 22,206 despite a rise in oil prices.
This was driven by losses recorded by some of TASI’s heavyweights in the banking sector, with Al Rajhi Bank and Saudi National bank down 1.2 and 0.8 percent, respectively.
Oil giant Aramco bucked the trend to end the session slightly higher at SR40.6 ($10.8), up 0.3 percent on the day.
Chemicals maker Petro Rabigh added 6.7 percent to lead the gainers, while Saudi Industrial Export Co. recorded the biggest drop of almost 4.8 percent.
East Pipes Integrated Co. for Industry saw a 2.6 percent rise in its share price after obtaining Shariah-compliant financing worth SR500 million.
In energy trading, oil prices edged up ahead of data on US oil inventories, with Brent crude nearing $122 a barrel and US West Texas Intermediate up to $120.66 at 3:30 p.m. Saudi time.