TASI extends gains; Maaden hits new high

Saudi Arabia’s benchmark stock index extended gains early on Thursday as investors cheered the move by index provider MSCI to add Tadawul to a watch list for a potential upgrade to emerging market status.

The royal decree issued Wednesday to retroactively reinstate all allowances and bonuses from September, rather than later, also boosted consumer stocks.

The Tadawul All Share Index (TASI) was trading 1.2 percent higher at 7,421, half hour into the session.

Banking sector blue chips again led the run upward as nearly all constituents advanced. National Commercial Bank jumped another 8 percent to SAR 54.50.

Maaden hit its maximum limit at SAR 49.35, its highest since listing as five million shares changed hands.

Elsewhere, Almarai rose 6 percent to SAR 97, marking another record high.

However, SABIC fell slightly to SAR 103.40 as oil price declines offset the company’s proposed 20 percent dividend for the first half of 2017.

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