Saudi Arabia’s foreign exchange reserves down 2% in December

RIYAD: The Kingdom’s stock exchange had a positive start to the trading week despite an increase in coronavirus cases around the world.

TASI, the main index, closed 1.14% higher at 11,560 points, while the parallel Nomu the market rose 0.8% to 25,831 points.

This is due to the gains of some of the biggest Saudi players as well as some big banks, including Alinma Bank.

It hit a historic closing high of SR26.1, with around 15 million shares changing hands.

Shares of Al Rajhi Bank and Bank Aljazira also pushed the main index higher, rising 0.7% and 3.4% respectively.

The Saudi National Bank rose 1.2% as the National Commercial Bank, or NCB, entered the final stages of a merger with Samba Financial Group to form SNB.

Saudi oil giant Aramco rose 0.7% to SR35.7.

Petro Rabigh shares had the highest gains in today’s session, rising 10%.

Gulf mining champion Saudi Arabian Mining Co., known as Ma’aden, saw its stock price rise 2.4% as the Kingdom prepared to host the Future Minerals Forum this week.

Shares of the Saudi National Co. for Learning and Education, or NCLE, rose 3.3%.

This came after a 378% profit increase in the quarter ended November 30, 2021, compared to the same quarter last year.

Saudia Dairy and Foodstuff Co., or SADAFCO, fell 1.6%, despite the board’s proposal to pay SR3 per share for the first half of the fiscal year ended March 31, 2022.