Arada enters Dubai real estate market with $65m land purchase

RIYADH: The Saudi stock market opened mixed on Monday, with the main TASI index holding above the 12,000 level amid positive market hints.

As of 10:23 a.m. KST, the main TASI index was trading at 12,118 points after six days of gaining momentum, and the parallel Nomu market fell slightly to 26,258 points.

tadawul group, owner of the Saudi Stock Exchange, led the winners adding 5.8% to reach SR160 ($45) – its highest value since listing.

This was supported by advances from the Kingdom’s utility provider Acwa Power Co., Al Rajhi Bank, and oil giant Aramco, all up in the range of 0.4 to 0.6 percent.

Acwa Power has reappointed Mohammad Abdullah Abunayyan as Chairman of the Board for a further three-year term.

Shares of Saudi franchise retailer Fawaz Abdulaziz Alhokair Co. jumped 4.6%.

Earlier, the retailer filed with the Capital Market Authority for a capital reduction, followed by a capital increase by rights issue of SR 1 billion.

Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, rose 1.6% after reaching an agreement with the Swiss company Vifor Pharma to localize the production of an injection.

In energy trading, Brent crude crossed $86.5 a barrel and U.S. WTI crude oil hit $84.5 a barrel as of 10:24 a.m. KST.