Chip shortage, China’s energy crisis could hamper Saudi retail sector: Al Rajhi Capital

RIYAD: The main index of the Saudi stock market, TASI, ended the trading day slightly higher, after a sluggish session on Monday, despite another spike in COVID-19 cases.

TASI recorded 0.26% gains, up to 11,357 points. The Nomu parallel market lost 1% to close at 25,778 points.

The gains were supported by higher share prices of SABIC, Saudi National Bank and Alinma Bank, which rose to SR 117 ($ 31.2), SR 24.9 and SR 66.6 respectively.

Saudi Research and Media Group, or SRMG, continued its rally, rising 6% to an all-time high of SR200.

The session’s highest winner was Wafrah for Industry, which added nearly 10 percent, reaching SR150.

Shares of Al Yamamah Steel Industries Co. rose 2% to SR 42.9, as two contracts were signed worth SR 292 million ($ 77.8 million) for the supply of steel towers for power lines.

Sadr Logistics shares rose after four days of losses to SR 83.8 amid trading of SR 468 million worth.

Bank Albilad recorded the largest decline, falling more than 4% to RS 47.9.

Next come Allied Cooperative Insurance Group, Banque Saudi Fransi and SABIC Agri-Nutrients, all down 1 to 2%.

The energy market saw a slight increase in oil prices. Brent crude oil rose 0.2 cents to $ 79.18 per barrel while U.S. WTI crude rose 0.17 cents to $ 76.25 per barrel at 3:34 p.m. Saudi time.

In the past 24 hours, the Saudi Ministry of Health has confirmed 2,585 new cases of coronavirus in the Kingdom.

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