TASI edges higher; volumes dip to 4-month low

Saudi Arabia’s Tadawul All Share Index (TASI) closed 0.1 percent higher on Monday but remained below the 7000-mark, ending the session at 6,976 points.

Volumes weakened to SAR 3.1 billion, the lowest level in nearly four months. The advance decline ratio for the day stood at 73/79.

Most petrochemical firms closed in the green, with heavyweight SABIC rising 1 percent to SAR 98. Sipchem, Yansab, and Saudi Industrial Investment Group (SIIG) all rose between 1.5 and 2 percent.

Alujain, however, slid 2.4 percent to SAR 20.3.

Elsewhere, Middle East Healthcare Co. continued to gain, rising 1.4 percent to SAR 71. The company, which owns and operates the Saudi German Hospital brand, said its board had approved ten-year agreements to provide management supervision for six under-construction hospitals in the United Arab Emirates and Pakistan.

Meanwhile, Atheeb Telecom was among the top decliners for the day, falling nearly 3 percent to SAR 3.6. Saudi Arabia’s market regulator, the Capital Market Authority (CMA), has approved the company’s request to reduce capital by 60 percent to offset losses. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com