Saudi Stocks Rise Amid Middle East Tensions

Alanbatnews -

Saudi Arabia's main stock index, TASI, closed higher on Monday, boosted by energy stocks as oil prices climbed amid escalating tensions in the Middle East.

The TASI index ended the session up 0.1%, closing at 10,489 points (13 points), with trading volumes reaching 7.2 billion riyals.

The market's performance was primarily supported by the energy sector, coinciding with a surge in oil prices on Monday. This increase occurred against a backdrop of heightened military tensions in the region and ongoing clashes involving the United States, Israel, and Iran.

Investor concerns regarding the security of supplies and the stability of supply chains in a crucial global energy corridor have been fueled by recent developments. This apprehension has driven crude oil contracts upward as demand for safe-haven assets increases, and the market anticipates potential disruptions in production or shipping.

Shares of Saudi Aramco rose by 2% to 26.22 riyals, mirroring the global increase in oil prices.

Additionally, shares of ACWA Power, Maaden, SABIC Agri-Nutrients, BSF, and Saudi Electricity Company all closed higher, with gains ranging from 1% to 3%.

Al Bahri shares also experienced a notable increase, climbing by 5%.