Saudi stocks up despite lower oil prices

Investors in Saudi Arabia’s stock market shrugged off further losses in oil prices in early trade Monday.

Riyadh’s index recouped most of the prior session’s losses in the first 75 minutes of trade, as local retail investors bought back speculative stocks which were dumped on Sunday. The insurance sub index jumped 2.2 percent after tumbling 3.5 percent on Sunday.

Almarai, the largest dairy producer in the Gulf, added 0.5 percent. The company said shareholders had approved a capital increase for the company through an issue of bonus shares.

Saudi Airlines Catering added 1.0 percent after the company said it had signed a contract with Saudi Airlines Real Estate Development Co to provide catering and other entertainment services for the Saudia Hotel.

Saudi Arabian Mining (Ma’aden) added a further 1.7 percent, heading for a third straight session of gains. On Sunday it surged 3.5 percent after saying commercial output had begun at the Ad Duwayhi gold mine in western Saudi Arabia.

Source: Reuters