RIYADH: Saudi Arabia’s benchmark index opened flat for the fourth consecutive session as investors struggled to assess the impact of declining oil prices and higher inflation.
TASI opened Wednesday at 12,545, while Nomu, the parallel market, started 0.77 percent lower at 22,034, as of 10:04 a.m. Saudi time.
In the energy market, Brent crude reached $93.19 a barrel, while US West Texas Intermediate declined to $87.46 a barrel, as of 10:06 a.m. Saudi time.
ACWA Power Co. added 1.73 percent, after announcing it will sign a $2.4 billion wind power deal with Uzbekistan’s Ministry of Investment & Foreign Trade.
Amana Cooperative Insurance Co. climbed 3.03 percent, after its first-half losses narrowed by 50 percent to SR31 million.
Saudi Enaya Cooperative Insurance Co. increased 1.86 percent, after narrowing its net loss before zakat by 53 percent to SR14 million.
Alinma Tokio Marine Co. gained 1.73 percent, after turning into a profit of SR2.4 million in the first half of 2022.
Wataniya Insurance Co. fell 2.02 percent, after it saw its losses widen by 44 percent to SR37 million in the first half of 2022.
Arabian Centres Co. added 0.48 percent, after reporting a higher second-quarter profit of SR128 million.
Al Jouf Cement Co. rose 0.19 percent, after Abdul Karim Al-Nuhair was appointed CEO after Jamal Al Amer resigned.
Saudi Aramco lost 0.13 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts’ expectations.