Saudi stocks rise with market concerns subside

RIYADH (Agencies): Saudi stocks rose for a second straight day as investor worries eased in the market despite steep rises in oil prices and dismal predictions for the coming month.
As of Monday’s closing bell, the main index, TASI, gained 1.72 percent to reach 12,907 while the parallel market, Nomu, added 1.81 percent to 22,808.
Saudi Industrial Export Co. rallied 9.94 percent, leading the market gainers; Saudi Enaya Cooperative Insurance Co. slipped 6.55 percent, leading the market fallers.
Al Moammar Information Systems Co. gained 2.42 percent, following its plan to raise its capital by 20 percent, to SR300 million ($80 million).
East Pipes Integrated Co. for Industry rose 3.47 percent, after securing a SR490-million deal to supply water pipes to the Saline Water Conversion Corporation.
Solutions by stc, also known as the Arabian Internet and Communications Services Co, shed 2.26 percent, following its shareholders approving a dividend payout of SR4 per share for 2021.
Among the gainers on the list, ACWA Power Co., rose 7.04 percent, and Rabigh Refining and Petrochemical Co. gained 6.12 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi climbed 4.27 percent, while Alinma Bank edged up 1.55 percent.
Telecom giants stc and Zain KSA were both down by 0.76 percent and 0.30 percent respectively.
In the pharma sector, Aldawaa Medical Services Co. edged down 0.26 percent, while Nahdi Medical Co. edged up 0.87 percent.
Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading up 0.24 percent.
The energy market saw Brent crude hit $120.20 a barrel and US West Texas Intermediate crude hit $115.85 a barrel, as of 3:27 p.m. Saudi time.
Meanwhile, Saudi Public Investment Fund-backed SoftBank Group’s executives have seen a sharp cut in their pay, following the lenders’ loss from its Vision Fund unit, Bloomberg reported.
The bank’s founder and CEO Masayoshi Son’s pay was unchanged, however some top executives have seen big drops in their compensation, Bloomberg reported, citing a filing.

The Chief Financial Officer Yoshimitsu Goto’s payment fell by 40 percent compared to last year, while Ken Miyauchi, chief of SoftBank’s domestic telecom operation, saw a 15 percent decline in his compensation.

This comes following the Vision Fund’s historic $20.5 billion loss.

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