TASI extends gains for fifth session

Saudi Arabia’s main shares index notched its fifth day of gains on Sunday as the second quarter corporate reporting season moved into its second week.

The Tadawul All Share Index (TASI) closed 0.5 percent higher at 7,349. However, volumes once again retracted to SAR 2.5 billion. The advances- declines ratio was 126/42.

Gains were spread across the board, with food retailers leading the advance.

Al Othaim Markets, which has recorded gains in the past seven sessions, added 2 percent to SAR 124. The stock hit SAR 125 earlier in the session, its highest since listing. The supermarket owner and operator is expected to post 19 percent higher net profit in Q2.

Savola Group added 2 percent to SAR 48 and NADEC jumped to SAR 29.25.

The bank sector made robust gains. Saudi Investment Bank jumped 4 percent to SAR 14.24 while Arab National Bank was 3 percent up at SAR 22.60.

National Commercial Bank, however, slipped to SAR 51.20. The lender’s valuation “is catching up to other leading banks”, a note from Al Rajhi Capital said.

Saudi Research and Marketing Group rose to its daily maximum limit at SAR 53.50, its highest closing since January 2016. 

In contrast, Makkah Construction and Development Co. was the top decliner, down 2.5 percent to SAR 94.

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