RIYADH: The Saudi stock market opened September’s first trading session lower as oil prices continued to plunge.
TASI began with a 0.23 percent decline at 12,254, while the parallel Nomu fell 0.35 percent to 21,562, as of 10:07 a.m. Saudi time.
In energy trading, Brent crude declined to $96.49 a barrel, while US West Texas Intermediate reached $88.70 a barrel, as of 10:05 a.m. Saudi time.
Saudi Enaya Cooperative Insurance Co. gained 4.82 percent, leading the gainers in the early trade following the Saudi Central Bank's approval to reduce its capital to SR100 million ($27 million).
Saudi oil giant Aramco started with 0.13 percent, while Methanol Chemicals Co. fell 0.67 percent following the news that it appointed ex-Aramco member Habes Al Shammary as chief operation officer on Sept. 1.
In the banking sector, Alinma Bank’s share price dropped 1.18 percent, while Al Rajhi, the Kingdom’s largest valued bank and a major market player, was down by 0.22 percent.
The Saudi National Bank, the country’s biggest lender, saw its share price decline by 0.57 percent, while Saudi British Bank, which was voted the Kingdom's best bank in 2022, edged down 1 percent.
Taiba Investments increased 0.87 percent, following the award of an SR431 million contract to Saudi Arabian Construction co. for the construction of the Sheraton Taiba Hotel in Madinah.
