TASI edges higher in sluggish trading

Saudi Arabian stocks continued to trade listlessly even as the earnings season gathered steam. The Tadawul All Share Index (TASI) closed 0.1 percent higher at 6,948 after fluctuating widely over the session.

Food and beverage sector added over 1 percent. Top riser, Halwani Bros., touched highs of SAR 52 but trimmed some gains to close at SAR 50.752. The company is expected to see 15 percent net profit rise in Q1.

Meanwhile, its peer Savola rose nearly 2 percent to SAR 42.30, down from early highs.

Banks sector closed in positive territory following a few good results. Islamic banking heavyweight, Al Rajhi Bank, rose nearly 1 percent to SAR 64.

Arab National Bank rose 1.3 percent after posting a net profit of SAR 768 million; up 2.5 percent from the year-ago period. The effort beat average estimates of SAR 667 million.

Saudi Investment Bank closed over 2 percent at SAR 12.65 after it reported a net profit of SAR 344.9 million; a 64 percent year-on-year increase.

Bank Albilad pared early gains following its 31 percent rise in net profit to SAR 229 million. The selling spree towards the end of the session saw the stock close 0.5 percent lower at SAR 18.40.

Arabian Cement slumped 5 percent to SAR 35.90 as it went ex-dividend. The cement producer posted a 55 percent year-on-year drop in Q1 net profit to SAR 100.7 million.

Shuaa Capital said in an earnings review that the result came ahead of their expectations.

“Looking ahead, we see limited value in the Saudi cement sector but expect Arabian Cement to be among the outperformers,” it added.

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