Al Rajhi Capital sees Saudi oil revenue jump after transfer of Aramco shares to PIF

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RIYADH: Saudi Arabia’s main stock index closed lower in the final minutes of Sunday as cautious investor sentiment weighed on share prices.

As of 3:30 p.m. KST, the main index, TASI, fell 1.95% to 12,029.

The parallel market, Nomu, fell 1.65% to 24,801.


Shares of oil giant Aramco fell 0.67% following the announcement of the transfer of its shares to the Public Investment Fund.

In the financial sector, shares of Bank Aljazira fell 1.84%, while Saudi Investment Bank, or SAIB, fell 2.14%.

Al Rajhi Bank, Saudi Arabia’s most valuable bank, fell 1.20%, despite reporting a net profit of SR14.7 billion ($4 billion) in 2021, up by 39% compared to the previous year.

Saudi Real Estate Co. gained 4.68%, after securing a SR119.8 million ($31.7 million) infrastructure deal on its land in Riyadh.

Tihama Advertising and Public Relations Co. leads the winners, up 9.95%. This followed the Capital Market Authority’s approval of a reduction in its capital from SR175 million to SR50 million ($13.3 million).

Ash-Sharqiyah Development Co was the hardest hit, losing 5.78%.

Brent prices reached $94.44 per barrel and WTI 93.10 per barrel in the energy market.

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