RIYADH: Saudi stocks settled in the positive territory on Thursday, despite a 0.75 percent interest rate hike by the Gulf Cooperation Council's central banks on Wednesday.
The rise was bolstered by banking stocks as their shares were up following reporting strong earnings
The main index, TASI, ended the week’s final session 0.85 percent higher at 12,155, while the parallel market, Nomu, ended 0.62 percent higher at 20,952.
Saudi National Bank, the Kingdom’s largest lender, added 0.57 percent, after its second quarter net profit almost doubled.
Arab National Bank climbed 2.30 percent, after a 29 percent rise in profits during the first half, while Bank Albilad rose 0.51 percent after its first half profits rose 24 percent.
Banque Saudi Fransi gained 2 percent, after its profits for the first half of 2022 increased 11 percent to SR1.7 billion ($453 million).
Saudi British Bank added 0.24 percent, while the Kingdom’s largest valued bank, Al Rajhi, was up 1.13 percent.
Etihad Etisalat Co., known as Mobily, rose 0.53 percent, following a 45 percent spike in profits for the first half of 2022 to SR679 million.
Shares in Saudi Aramco, the largest player on the Saudi oil market, ended the day 0.13 percent lower.
The National Co. for Glass Industries rose 9.91 percent, outperforming the market since opening, while United Cooperative Assurance Co. was down 8.56 percent, leading the fallers.
Brent crude increased to $108.88 a barrel, while US West Texas Intermediate hit $99.52 a barrel, as of 3:25 p.m. Saudi time.
