RIYADH: Despite a sharp fall in oil prices, Saudi stocks opened higher on Tuesday, as Fitch鈥檚 revised ratings of major listed companies and earnings continue to kick in.

TASI the main index added 0.6 percent to 13,624, and the parallel market Nomu was up 0.8 percent to 23,499 as of 10:13 a.m. Saudi time.

The heaviest weights on TASI, oil giant Aramco and chemical firm SABIC both advanced after Fitch Ratings revised their long-term foreign-currency issuer default ratings to positive from stable.

Shares of Bank AlJazira gained as high as 3.7 percent, following a 17-percent rise in first-quarter profits.

Also in the banking sector, the Kingdom鈥檚 highest-valued bank Al Rajhi inched 0.9 percent higher and its largest lender the Saudi National Bank gained 1.8 percent.

Amana Cooperative Insurance Co. led the gainers after receiving approval from the Saudi central bank for a capital increase from SR130 million to SR430 million.

The Capital Market Authority announced the approval of the capital increase requests for 萝莉视频n Mining Co., known as Ma鈥檃den, as well as Petro Rabigh on April 25.

Ma鈥檃den鈥檚 shares soared almost 5 percent in response to the announcement, while Petro Rabigh鈥檚 stock price shed 1.3 percent.

In energy trading, concerns over rising interest rates and global economic growth weighed on oil prices. 

Brent crude is now trading at $102.85, and US West Texas Intermediate reached $98.82 as of 10:17 a.m. Saudi time.