Saudi stocks close at three-week low

Saudi Arabia's stock index on Thursday extended losses to its lowest level in nearly three weeks. The Tadawul All Share Index (TASI) fell 0.7 percent to 6,899 amid a trading turnover of SAR 3.1 billion.

All sectors slumped into negative territory. Petrochemicals blue chip SABIC fell over 1 percent to SAR 97.25. Among financial stocks, Al Rajhi Bank was slightly lower at SAR 63.50.

The following stocks fell after they went ex-dividend. Saudi Electricity closed 2 percent lower at SAR 23 and Savola fell 1.5 percent to SAR 41.70. Budget Saudi crashed 7 percent to SAR 23.  Othaim Markets fell over 2 percent to SAR 105.50.

Other main movers included Dar Al Arkan, which rose slightly to SAR 6. The company posted a 79 percent drop in Q1 net profit to SAR 12.13 million. The result came well below NCB Capital’s estimate of SAR 38.5 million

Qassim Cement rose slightly to SAR 49.30 despite posting a 40 percent drop in Q1 net profit to SAR 80.3 million.  NCB Capital said it had notched the lowest gross margins on record of 46 percent.

Zoujaj pared some gains and closed nearly 1 percent to SAR 18.35. The glass maker posted a 12 percent hike in Q1 net profit to SAR 15.2 million.

Of the 29 stocks that advanced during the session, Al-Babtain was top gainer, up 4 percent at SAR 31.50, its highest close in more than a year.

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