Saudi stock markets hold up as oil price hits high: Opening bell
With oil prices pushing higher, Saudi stocks opened relatively strongly on Sunday compared with other Asian markets.
As of Sunday 10:11 a.m. Saudi time, the main index, TASI, edged up 0.81 percent to reach 12,859, while the parallel market edged up 0.2 percent to 24,771.
The price of Brent crude oil spiked to $118.11 per barrel while US WTI crude climbed to $115.68 per barrel.
Saudi Tadawul Group Holding Co. climbed 0.74 percent, after reporting its first-ever public earnings after flotation.
Methanol Chemicals Co. gained 3.13 percent, after reporting it turned from losses into a profit of SR244 million ($65 million) in 2021.
The shares of Saudi Aramco, the largest player on the Saudi oil market, rose 1.58 percent.
In the financial sector, Alinma Bank shares gained 0.14 percent, while Al Rajhi Bank's shares edged up 0.77 percent.
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