SABIC nudges SAR 100, eXtra up on Q1 profit

Saudi Arabia’s stock market closed over the critical 7,000 mark on Wednesday--its highest close in a month--lifted by petrochemical shares after oil prices climbed to above $54.50 a barrel.

Investors also cheered eXtra’s first quarter swing to net profit. The stock, among the top risers, jumped 8 percent to SAR 36.40.

The benchmark Tadawul All Share Index (TASI) closed nearly 1 percent higher at 7,051. Volumes surged back to over SAR 3.6 billion as a total of 126 stocks advanced. The decliners numbered 36.

Most other sectors also advanced. The retailing sector gained over 1 percent, as eXtra’s peers Alhokair (+3.6 percent) and Shaker (+1.7 percent) supported. 

Petrochemicals heavyweight SABIC pared gains of over SAR 100 to close at SAR 99.75, its highest in over 18 months. Transactions worth over SAR 600 million took place as over 6 million shares changed hands.

Analysts expect SABIC to post a Q1 profit growth of around 50 percent.

Saudi Industrial Investment Group advanced 3 percent to SAR 19.95 and Yanbu National Petrochemical rose over 2 percent to SAR 59.50.

Elsewhere, Nadec was top performer, limit up at SAR 31.50. The stock extended gains from the previous session when it gained nearly 5 percent.

Meanwhile, Southern Cement closed 2 percent lower at SAR 58.50, its lowest close in five months. 

Write to Brinda Darasha at brinda.d@argaamplus.com