Petrochemicals heavyweight Saudi Basic Industries Corporation (SABIC) shares rose over SAR 100 on Thursday, notching its highest price point in more than 18 months.
The movement lifted the broader Saudi stock market to its third successive higher close, as the benchmark Tadawul All Share Index (TASI) gained 0.4 percent to 7,076.
After hitting a high of SAR 102 early in the session, SABIC pared some gains to close just 1 percent higher at SAR 100.75. Total transaction value amounted to over SAR 400 million as over 4 million shares were traded.
“SABIC has two drivers lifting it above SAR 100, the Q1 results (SICO expects a net profit of SAR 5.4 billion, up 60 percent YoY) and more importantly, the road to MSCI announcement in June,” Nitin Garg, manager - research at Bahrain-based brokerage firm SICO, told Argaam.
Insurance, banks and telecom sectors also closed with gains. Blue chip Al Rajhi Bank rose nearly 1 percent to SAR 64. National Commercial Bank, Samba and Banque Saudi Fransi also supported.
NADEC was top performer, up 7 percent to SAR 33.60. The stock has gained over the past two sessions.
Meanwhile, eXtra, which jumped 8 percent in the previous session following its swing to Q1 net profit, was 4 percent lower at SAR 35.
NCB Capital said in an earnings review that it expects the full impact of the allowance cut will be experienced in H1-17 for companies selling discretionary products.
Elsewhere, Arriyadh Development Co. fell 3 percent to SAR 21.45 after going ex-dividend.
Write to Brinda Darasha at brinda.d@argaamplus.com
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