RIYADH: Saudi Arabia’s main index opened in positive territory in the first trading session of August after rebounding in July to finish the month up 5.9 percent, spurred by higher crude oil prices.
The main index, TASI, started Monday 0.25 percent higher at 12,229, while the parallel market, Nomu, started 0.61 percent down at 21,260, as of 10: 06 a.m. Saudi time.
Brent crude traded at $103.48 a barrel, while West Texas Intermediate settled at $97.68, as of 9: 59 a.m. Saudi time.
Saudi United Wire Factories Co., known as Aslak, gained 1.29 percent, after its first-half profits surged 40 percent to SR42 million ($11.2 million).
Al-Baha Investment and Development Co. added 0.13 percent, despite reporting that its losses widened by 158 percent to SR4.2 million during the first half.
Saudi British Bank, which was voted the best bank in 2022, dropped 0.59 percent, while the Kingdom’s oil giant Aramco started the day flat.
The Kingdom’s largest valued bank, Al Rajhi, was up 0.34 percent, despite closing on Sunday in the red after a 12 percent rise in its net profit in 2022, reaching SR8.4 billion.
Saudi National Bank, the Kingdom’s largest lender, added 0.72 percent following the news last week that its net profit nearly doubled in the first half.