Oil Updates — Crude climbs; EU bans most Russian oil; Russian oil output slightly up

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Oil Updates — Crude climbs; EU bans most Russian oil; Russian oil output slightly up

RIYADH: Saudi Arabia’s main index, TASI sank 4.44 percent to 11,299, its lowest close since last December, while the parallel market, Nomu, declined 3.55 percent to 20,740, at the closing bell on Sunday.

This was driven by perceived pessimism among investors following the Federal Reserve’s decision to raise interest rates to curb inflation, reigniting concerns over economic growth.

Saudi Aramco, the largest player on the Saudi oil market, ended today’s trading down 4.03 percent.

Al Gassim Investment Holding Co. gained 8.40 percent, leading the market gainers; Wafrah for Industry and Development Co. fell 10.00 percent, leading the laggards.

Arabian Contracting Services Co. declined 4.05 percent, following the signing of an agreement with National Housing Co. to establish a joint venture.

Leejam Sports Co. dropped 4.86 percent, following its board’s approval to establish an investment unit in Riyadh to establish joint ventures and acquire stakes in existing companies.

Saudi Basic Industries Corp., or SABIC, dipped 2.13 percent, after it announced its board’s decision to pay SR6.75 billion ($1.80 billion) dividends to 3 billion eligible shares for the first half of 2022.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi shed 4.64 percent, while Alinma Bank tumbled 6.50 percent.

Telecom giants stc and Zain KSA were both down by 2.46 percent and 5.94 percent respectively.

As of Friday, the energy market saw Brent crude settle at $113.12 a barrel and US West Texas Intermediate crude reached $109.56 a barrel.