RIYADH: Saudi Arabia’s main index started higher for the first time since the beginning of the week as investors took a breather following a steep sell-off, but major central banks' rate hike plans and recession risks are keeping investors cautious.
The Tadawul All Share Index rose 1.12 percent to start Tuesday at 11,574, while the parallel market Nomu traded up 0.13 percent at 20,256, as of 10:06 a.m. Saudi time.
Saudi oil giant Aramco increased by 0.69 percent, while Rabigh Refining and Petrochemical Co. grew by 1.41 percent.
The Saudi National Bank, the Kingdom’s largest lender, climbed 1.29 percent, while Saudi British Bank improved 2.63 percent.
The Kingdom’s largest valued bank Al Rajhi Bank edged up 1.30 percent, while Alinma Bank added 2.08 percent
Saudi pharma SPIMACO added 2.4 percent, after it renewed its agreement with MSD to license and market pharmaceutical preparations.
Retal Urban Development Co. added 0.89 percent, after it signed an agreement with the National Housing Co. to build 759 housing units in Riyadh worth an estimated SR864 million (230 million).
Sumou Real Estate Co. gained 2.24 percent, after signing a development agreement with the National Housing Co. in Riyadh to build residential units for SR403 million.
Both Al Sagr Cooperative Insurance Co. and Gulf Union Al Ahlia Cooperative Insurance Co. opened flat at SR9.79 and SR9, respectively, after they signed an Memorandum of Understanding to evaluate a potential merger between the two companies.
