Saudi stocks advance; Alawwal extends gains

Saudi Arabia’s stock market gained on Thursday, boosted by real estate investment trusts (REITs) and the insurance sector.

The benchmark Tadawul All Share Index (TASI) closed 0.4 percent higher at 6,946 amid a total turnover of SAR 3.6 billion. The advances- declines ratio was 69/82.

Gains were spread across most sectors. Aljazira REIT was top gainer, up 7 percent to SAR 22.80. Riyad REIT rose 5 percent to SAR 14.75.

Jadwa Investment REIT will start trading on Tadawul on Sunday, April 30, with the code 4332.

Meanwhile, SABIC rose over 1 percent to SAR 96. The petrochemical giant is set to post Q1 earnings on May 2.

Elsewhere, Alawaal Bank rose 3 percent to SAR 11.65 extending gains from Wednesday. The lender disclosed that it has begun talks with Saudi British Bank over a potential merger. 

However, SABB fell 1.6 percent to SAR 22.65.  

Wafa Insurance fell nearly 5 percent to SAR 13.80. It said SAMA’s decision on Wednesday to stop it from issuing auto insurance will hit short-term sales.

Meanwhile, eXtra dropped about 3 percent to SAR 36.80, on profit taking. 

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