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TASI Posts Third Day of Gains As Stock Market Records Boost Investor Sentiment: Closing Bell

RIYAD: The Saudi Arabian stock market ended higher for the third consecutive session on Tuesday, as investor sentiment boosted a wave of records for Kingdom stocks.

The main and parallel indexes have both improved. At close, TASI increased 1.5% to 11,844 points, and the parallel market for Nomu increased 1.2% to 26,144 points.

The best-performing stock was the recently-listed Tadawul Group – the owner of the Saudi Stock Exchange, which posted gains of 10%, up to SR 142 ($ 37.8) – its highest value since listing.

Next, Saudi Research and Media Group or SRMG, and utility provider ACWA Power grew by almost 0.7% each.

With the latest gain, SRMG recorded a historic closing high of SR233.

ACWA Power is about to start the first phase of the Dubai-based Noor energy 1 project, as announced on Monday in a stock exchange file.

One of the Kingdom’s largest by market value, Al Rajhi Bank closed at SR 150, after jumping nearly 3% in today’s trading.

Shares of Alinma Bank and Saudi National Bank, or SNB, also hit record highs, ending at SR26.7 and SR71 respectively.

United Electronics Co., known as eXtra, ended down 2.2%, even as it posted its highest estimated annual profit on record for fiscal 2021 of SR 397 million. .

The rise is in line with oil prices, with Brent crude reaching $ 82 per barrel and US WTI crude oil reaching $ 79.4 per barrel at 3:50 p.m. Saudi time.

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