TASI declines to two-week low

Saudi Arabia’s main index declined for the fourth straight session on Thursday, moving to its lowest close in more than two weeks.

The Tadawul All Share Index (TASI) closed lower by 0.4 percent at 7,175 points, with trading volumes at SAR 2.5 billion. The advances-declines ratio was 52/112.

Saudi Telecom Co. (STC) fell 0.3 percent to SAR 74, despite reporting a rise in Q2 net profit. The telco said its tower merger plan with Etihad Etisalat Co. (Mobily) is on track.

Among the banks, heavyweight Al Rajhi Bank slipped 0.4 percent to SAR 62.7, while Alinma was down 1.6 percent at SAR 15.82.

Meanwhile, Methanol Chemicals Co. (Chemanol) gained 0.3 percent to SAR 6.54, after posting a jump in its Q2 profit to SAR 2.6 million.

Sipchem extended gains from the previous session, rising another 2 percent to reach SAR 14.96. The company made a Q2 net profit of SAR 59.8 million versus SAR 11.4 million in Q2 last year.

Saudi Research and Marketing Group saw unusually heavy trade compared to average for the past three months. The stock closed up 5.3 percent at SAR 67.3.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com