RIYADH: Saudi stocks gained in the first trading session of the week, rebounding slightly following steep declines, despite fears about upcoming rate hikes and a recession.
The main index, TASI, gained 1.79 percent to close at 11,513, while the parallel market, Nomu, shed 0.85 percent to 20,681.
Saudi Arabia Refineries Co. and National Gypsum Co. both surged 10 percent to lead the gainers, followed by Saudi Advanced Industries Co. with a 9.98 percent gain.
Dar Al Arkan Real Estate Development Co. led the decliners with a 6.20 percent decline, followed by Taleem REIT Fund with a 1.86 percent fall.
Saudi Aramco, the largest player on the Saudi oil market, ended today’s trading up 1.21 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi rose 1.93 percent, while Alinma Bank added 3.83 percent.
In the pharma sector, Aldawaa Medical Services Co. improved 2.60 percent, while Nahdi Medical Co. gained 1.04 percent.
Both telecom giants stc and Zain KSA climbed 2.06 percent and 6.08 percent, respectively.
Methanol Chemicals Co. increased 1.93 percent, after reporting that it would pay SR273 million ($73 million) as an early loan payment to SIDF and lenders.
Middle East Healthcare Co. rose 1.70 percent, after reporting that it has opened a Saudi German clinic complex in the Al Samer District of Abha city, accommodating 30 clinics.
Due to tight supply, oil prices on Friday rose to $113.12 a barrel for Brent crude and $107.62 a barrel for West Texas Intermediate crude.
