https://arab.news/jtk63
RIYADH: Saudi Arabia’s main index started slightly lower on Tuesday in the face of a global economic downturn triggered by inflation and rising interest rates.
The main index, TASI, started down 0.11 percent at 12,325, while the parallel market, Nomu, started flat at 21,487, as of 10:06 a.m. Saudi time.
This was led by a 4.73 decline in Bank Aljazira to lead the fallers, despite recording an 11 percent increase in profit to SR633 million ($169 million) for the first half of 2022.
The Kingdom’s oil giant Aramco started 1 percent lower, following the signing of a $2.65 billion agreement to acquire Valvoline's unit that makes lubricants and coolants.
Arriyadh Development Co. declined 2.13 percent, after it recorded SR196 million in profit in the first half of 2022, a 22.9 percent decline from the same period last year.
Saudi British Bank, which was voted the best bank in 2022, added 0.71 percent, while the Kingdom’s largest valued bank, Al Rajhi, edged down 0.22 percent.
Among the information technology giants, Al Moammar Information Systems Co. edged up 0.10 percent, while Elm Co. edged down 0.07 percent.
Najran Cement dropped 1.96 percent, following a 61 percent decline in its half-year profit to SR37 million.
Brent crude traded at $99.55 a barrel, while West Texas Intermediate settled at $93.60, as of 10:09 a.m. Saudi time.