TASI pares early gains; volumes dip to 5-month low

Saudi shares pared early gains to close in the negative on Sunday. The benchmark Tadawul All Share Index (TASI) shed 0.1 percent to 6,874, down from an intra-day high of 6,913.

Volumes amounted to a scant SAR 2.6 billion, the lowest in more than five months. The advances- declines ratio was 88/71.

Banks retreated along with capital goods and services. Arab National Bank fell over 3 percent to SAR 19.30 as it went ex-dividend. Heavyweight Al Rajhi Bank dropped 1.5 percent to SAR 63.25.

Elsewhere, Nadec was top decliner; down over 4 percent to SAR 25.40. The stock saw the highest number of transactions in over three months as 2.8 million shares changed hands.

Meanwhile, petrochemicals closed higher following oil that closed with gains last week; Brent crude was up 0.5 percent at $50.80/bbl.

Blue chip SABIC gained slightly to SAR 96.25. Al Rajhi Capital said in a first quarter financial results preview that it expects “higher prices of SABIC’s diverse product portfolio to drive the company’s profitability to SAR 5.6 billion in Q1, the highest since Q3-2015.”

Basic Chemical and SAFCO supported with over 1 percent gains each.

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