RIYADH: Saudi Arabian stocks opened higher on Wednesday as they tracked the energy market that witnessed a rebound in oil prices.
Brent crude oil crossed $88 per barrel, and US benchmark WTI crude oil reached $85.5 per barrel as of 10:15 a.m. Saudi time.
The main index TASI rose 0.3 percent to 12,139 points, and the parallel market Nomu edged up 0.2 percent to 25,595 points as of 10:24 a.m.
Shares in Saudi Automotive Services Co., known as SASCO, soared nearly 10 percent, topping early morning gains.
SASCO has earlier acquired 80 percent of gas station operator NAFT Services Limited Co. for $1.1 billion ($293 million).
Saudi oil giant Aramco awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes.
The share price of the latter surged 2.6 percent in response to the transaction, while Aramco opened 0.14 lower.
One of the Kingdom’s largest valued banks, Al Rajhi Bank edged 0.14 lower, whereas Alinma Bank added 0.18 percent amid trading of over 1 million shares.
Advanced Petrochemical recorded gains at 4.3 percent after its board recommended boosting capital to SR2.6 billion in expansion push.
Telecommunication firm Etihad Atheeb led the fallers, down over 3 percent.
