TASI edges higher; SEC up on Q1 beat

A slight rebound in oil prices and a mixed set of corporate earnings lifted the Saudi stock market slightly on Wednesday.

The benchmark Tadawul All Share Index (TASI) rose 0.2 percent to 6,930 with trading turnover at SAR 2.5 billion. 

Tomorrow is last day for Saudi companies to announce first quarter earnings.

Sectors closed mixed with petrochemicals and banks edging higher. Energy and capital goods declined.

Blue chip SABIC, however, fell slightly, while the financial heavyweight Al Rajhi Bank edged higher at SAR 63.20.

Petrochem gained 1.5 percent to SAR 19.10 after it posted a 38 percent rise in Q1 net profit to SAR 168 million, in line with consensus estimates.   

Herfy Food climbed more than 4 percent to SAR 80.75. Although the company’s Q1 net profit slipped to SAR 52.7 million, the company has proposed a 15 percent bonus and plans to raise capital through a bonus issue.

Saudi Electricity rose over 2 percent to SAR 23.90. The utility made a net profit of SAR 5 billion, compared to a net loss of SAR 798 million in the same quarter a year earlier. The effort beat NCB Capital’s estimate of SAR 4.5 billion

Elsewhere, Sipchem fell nearly 2 percent to SAR 16.85. While, the company reported a net profit of SAR 91.7 million in Q1, up 86 percent year-on-year (YoY), the results were in line with expectations.    

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