TASI slips; Alandalus jumps to 1-year high

With little fresh news to provide positive direction Saudi stocks declined on Tuesday. Meanwhile, a fresh drop in Brent crude prices also dented investor optimism.

The benchmark Tadawul All Share Index (TASI) fell 0.7 percent to 6,936 with trading turnover holding steady from yesterday at SAR 2.6 billion. Merely 18 stocks advanced while decliners numbered 150.

All sectors witnessed selling across the board. Blue chips SABIC and Al Rajhi Bank fell nearly 1 percent to SAR 98.25 and SAR 62.50 respectively.

Nearly all constituents of the insurance sector--a favorite of the day-traders—closed in the negative. Aljazira Takaful dropped 4 percent to SAR 27.

Elsewhere, Care fell 5 percent to SAR 47.10, its lowest close in more than a year. The company’s Q1 net profit of SAR 15.5 million was the lowest since 2009.

Herfy Foods fell 3.5 percent to SAR 55.25. The company which declared a 15 percent dividend for H2-16, went ex-dividend yesterday.

Meanwhile, Alandalus Property Co. was top gainer, up 7 percent to SAR 22.55, its highest close in more than a year.

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