Petchems lift TASI to 20-month high as oil rebounds

Saudi Arabia’s stocks on Sunday picked up right where they left off before the week-long Eid holidays, climbing 60 points as a bounce in oil prices added to the optimism that lingered following last month’s Tadawul’s MSCI inclusion and the Kingdom’s succession announcement.

The Tadawul All Share Index (TASI) closed 0.8 percent higher at 7,486, its highest close in 20 months. Volumes were robust at SAR 3.8 billion as 116 stocks advanced compared with 48 decliners.

Brent, the key benchmark for Middle East’s crude exporters closed at $48.77 a barrel on Friday, gaining for seven straight sessions. On June 22, when the Saudi index last traded, oil was near $45 a barrel.

The petrochemicals sector advanced 1.6 percent. Bellwether SABIC rose to SAR 103. Saudi Kayan added 1.4 percent to SAR 8.93 and SIIG rose 1.5 percent to SAR 20.

Sipchem gained slightly to SAR 14.18 after the company said its three subsidiaries were back online after being closed for scheduled maintenance. 

Maaden closed 8 percent higher at SAR 53.10, the highest since listing in 2008

Elsewhere, National Commercial Bank soared more than 5 percent to SAR 56.

Almarai ended on the decliners’ side after notching an intraday high of SAR 98.30. Heavy profit-booking saw it close 2 percent lower at SAR 94.40. 

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