TASI tops 7,000 as banks surge

Saudi shares ended the week on a positive note with the benchmark index breaching a critical resistance point at 7,000.

The Tadawul All Share Index (TASI) closed 0.8 percent higher at 7,002. Volumes surged back with the total trading turnover amounting to SAR 3.5 billion. The advances- declines ratio was 105/61.

Banks led the advance as all constituents within the sector notched gains. Bank Aljazira climbed over 7 percent to SAR 16.50, its highest close in 14 months.

Banque Saudi Fransi jumped 4 percent to SAR 25.90 and Saudi Investment Bank rose over 2 percent to SAR 13.90.

Capital goods sector also advanced. Tasnee extended gains; up 3 percent to SAR 17.55. Al-Babtain rose over 2 percent to SAR 30.30.   

However, Yansab edged lower to SAR 57.25 after the petrochemicals producer said it planned a 21-day shutdown of its ethylene glycol plant for scheduled maintenance starting April 21, 2017.

Najran Cement too fell nearly 1 percent to SAR 10.85 after warning of unavoidable fixed costs of SAR 19.4 million this year, due to the halt of its second production line.

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