Saudi stocks edge up; volumes at 6-month low

Saudi Arabia’s Tadawul All Share Index (TASI) closed 0.1 percent higher at 6,978 on Monday amid a trading turnover of SAR 2.3 billion, the lowest in six months.

The advances- declines ratio was 104/58 as the majority of sectors gained.

Blue chip SABIC supported with a modest gain while banking major National Commercial Bank was up over 1 percent.

Fawaz Alhokair, suspended on Sunday, resumed trading today. The stock rose to its maximum daily limit at SAR 32. The retailer made a net profit for fourth quarter FY16/FY17 at SAR 79 million, topping Al Rajhi Capital’s estimate of SAR 61. 

Insurance stocks were among the top gainers after posting a few outstanding results. Tawuniya added 4 percent to SAR 96; Malath rose 3.5 percent to SAR 21.90 and Arabian Shield added 3 percent.

Salama jumped 6 percent to SAR 14.15 after its won approval from SAMA to market new products.

Mobily declined for the fifth straight session, amid five million share transactions. The stock closed 6 percent lower at SAR 21.05. Mobily reported a weaker than expected first quarter result with a loss of SAR 163 million vs. a profit of SAR 20 million in the year-ago period.

This was lower than NCB Capital’s estimates of a loss of SAR 50 million.

Elsewhere, Yamama Cement fell over 2 percent to SAR 18.05.

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