Saudi stocks head lower as fear dominates markets: Opening bell

Saudi stocks moved downward early Tuesday morning, capping two days of volatile trading as fear gripped the markets amid a spike in energy prices.

The main index, TASI, opened 0.08 percent lower to 12,822, while Nomu edged down 0.20 percent to reach 24,616.

Brent crude oil remained volatile at $118.55 per barrel, while US benchmark WTI crude oil reached $114.32 per barrel.

Nahdi Medical Co. was the top gainer in its first trading day since listing on the main index, rising 20.61 percent. 

The pharma giant’s debut is the biggest entry to TASI since oil major Aramco’s debut in 2019.

In the financial sector, Bank Albilad fell 1.77 percent to lead the fallers, while Saudi’s largest bank Al Rajhi shed 0.13 percent.

Gulf General Cooperative Insurance Co. dropped 0.38 percent, after it turned into losses of SR84 million ($22.4 million) during 2021.

The shares of Saudi Aramco, the largest player on the Saudi market, edged down 0.81 percent.

Dallah Healthcare Co. gained 0.61 percent, after reporting a 103 percent profit increase in 2021, reaching SR275 million.

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