Business

Lucid Motors to establish its first overseas factory in Saudi Arabia


RIYADH: Saudi stocks ended the day higher on Wednesday as major companies released their earnings, causing investors to shrug off some concerns.

The Saudi main stock index,  TASI, gained 0.19 percent to close at 12,713, while the parallel market, Nomu, added 0.64 percent at 22,832.

Red Sea International Co. surged 10 percent to lead the gainers, while Al Hassan Ghazi Ibrahim Shaker Co. shed 9.91 to lead the fallers.

Anaam International Holding Group gained 9.97 percent, following its shareholders’ approval to raise its capital to SR315 million ($84 million).

Dar Al Arkan Real Estate Development Co. grew 2.89 percent, after reporting a profit surge of 675 percent in the first quarter.

Saudi Aramco, the largest player on the Saudi oil market, closed Wednesday’s trading down 1.21 percent.

The Saudi Electricity Co. dropped 7.76 percent, after it reported a 10 percent decline in quarterly profit.

Methanol Chemicals Co. rose 3.44 percent, after it reported a 244 percent spike in profits in the first quarter.

In the financial sector, the Kingdom’s largest valued bank, Al Rajhi, edged up 0.21 percent, and Alinma Bank edged down 0.41 percent.

Both pharma giants saw gains, as Nahdi Medical Co. added 3.04 percent and Aldawaa Medical Services Co. added 0.38 percent.

Brent crude settled at $113.96 a barrel, while US West Texas Intermediate crude traded at $115.14 a barrel, as of 3:22 p.m. Saudi time.



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