Saudi Cabinet gives green light to Bank of Jordan to open branches in the

RIYADH: Saudi Arabia’s main index closed higher on Tuesday, recovering some momentum after dropping to its lowest level in six months earlier this week as concerns about economic growth and oil prices dampened the market.

The main index, TASI, added 2.62 percent to 11,659, while the parallel market, Nomu, fell 0.79 percent to 20,875.

Rabigh Refining and Petrochemical Co. and Al Sagr Cooperative Insurance Co. both surged 9.95 percent to lead the gainers.

Saudi Industrial Export Co. led the fallers since the beginning of the session, shedding 9.98 percent.

Saudi Aramco, the largest player on the Saudi oil market, ended today’s trading up 1.63 percent.

The shares of telecom giants stc and Zain KSA gained 0.30 percent and 0.18 percent, respectively.

Among the other gainers, Saudi Chemical Co. gained 9.94 percent, and ACWA Power Co. rose 9.87 percent.

Al Hammadi Co. for Development and Investment climbed 2.59 percent after it raised capital to SR1.6 billion ($427 million), and appointed a new CEO.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi increased 3.37 percent, while Alinma Bank increased 4.62 percent.

In the energy market, Brent crude traded at $116.02 a barrel and US West Texas Intermediate crude reached $111.78 a barrel, as of 3:30 p.m. Saudi time.