TASI almost flat as investors await earnings results: Opening bell

Saudi main index began the week’s trading session almost flat as investors awaited earning results.

TASI edged up 0.09 percent to 11,998, while Nomu was unchanged at 20,955 as of 10:08 a.m. Saudi time.

Salama Cooperative Insurance Co. surged 9.45 percent, leading gainers, while United Cooperative Assurance Co. slipped 8.68 percent, leading the fallers.

Saudi Investment Bank gained 0.59 percent, after announcing it will distribute cash dividends amounting to SR300 million ($80 million) for the first half of 2022.

BinDawood Holding Co. rose 0.24 percent, following its announcement that it has begun negotiations with France’s TF1 Group to acquire a majority stake in its subsidiary Ykone.

Saudi oil giant Aramco declined 0.39 percent, while Saudi National Bank, one of the Kingdom’s biggest lenders, decreased 0.29 percent.

Saudi British Bank, which was voted the best bank in 2022, increased 0.71 percent, while the Kingdom’s largest valued bank Al Rajhi added 0.67 percent.

In the pharma sector, Aldawaa Medical Services Co. edged down 0.12 percent, while Nahdi Medical Co. shed 0.70 percent.

Among the biggest information technology companies, Elm Co. was up 0.07  percent, while Al Moammar Information Systems Co. was up 0.11 percent.

Energy prices fell on Friday due to weakened demand and geopolitical tensions, with Brent crude settling at $103.2 a barrel and US West Texas Intermediate at $94.7.