Weak Q1 profits undermine TASI

Saudi stocks sank across all sectors on Thursday as investors looked past the oil bounce to over $50 per barrel and focused instead on a slew of poor first quarter earnings. Today is the last date for disclosing financial statements for the current quarter.

The benchmark Tadawul All Share Index (TASI) fell 0.7 percent to 6,882 with trading turnover at over SAR 3.1 billion.  

Savola sank nearly 3 percent to SAR 41.10. The country’s largest food products company reported a 96 percent fall in Q1 net profit to SAR 4.8 million.

Blue chips SABIC and Al Rajhi Bank fell in small ranges, undermining the index.

Elsewhere, Tasnee plummeted 7.6 percent to SAR 15.20. The company turned in a profit of SAR 103 million from loss in the year-ago period, but missed most analyst expectations.

Nadec, Basic Chemical Industries, Bupa Arabia all fell between 5 and 9 percent after they posted large drops in net profit for the period. 

Meanwhile Ash Sharqiya Development was top gainer, up 5.6 percent to SAR 31.90. Alandalus Property Co. added more than 2 percent to SAR 21.

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