Saudi telecommunications company stc to establish cloud computing unit with eWPTA-led consortium

RIYADH: Saudi stocks closed lower on Sunday as inflation worries rocked global stock markets, forcing investors to remain cautious.

The main index, TASI, fell 0.75% to 12,334, while the parallel market, Nomu, fell 0.80% to 22,329.

The Kingdom Holding Co. climbed 9.90%, after the Saudi PIF acquired a 16.87% stake in the company from Saudi billionaire Prince Alwaleed bin Talal.

Gainers included Lazurde Co. for Jewelry, which gained 4.57%, after its first quarter profit rose 34%.

Saudi Home Loans Co. fell 0.30%, despite a 9.8% rise in the company’s first-quarter profits.

The National Agricultural Development Co., known as NADEC, added 1.00% after reporting a 137% increase in first-quarter profits.

Al-Baha Investment and Development Co. lost 4.17% following its proposal to reduce its capital by 25%.

In the financial sector, the Kingdom’s most popular bank, Al Rajhi, edged down 0.64%, while Alinma Bank lost 1.95%.

In the pharmaceuticals sector, both companies reversed morning gains. Aldawaa Medical Services Co. fell 1.68% and Nahdi Medical Co. lost 1.40%.

Saudi Aramco, the biggest player in the Saudi oil market, closed trading today down 1.38%.

Shares of Buruj Cooperative Insurance Co. plunged 10% to top the list of fallers.

Oil prices stabilized slightly higher on Friday. Brent crude hit $112.55 a barrel and US West Texas Intermediate crude hit $110.28 a barrel.

Sherry J. Basler