TASI retreats; SADAFCO jumps on dividend

Petrochemical shares were the main drag on Saudi Arabia's stock market on Thursday after oil prices retreated. The Tadawul All Share Index (TASI) closed 0.6 percent lower at 6,924 amid a trading turnover of SAR 3.7 billion.

SABIC was down 1 percent to SAR 97. Sipchem trimmed some losses to close 1 percent lower at SAR 17.20 while Sahara was fell 1.3 percent to SAR 14.20.

Advanced Petrochemical bounced into positive territory, up over 1 percent at SAR 43.80. The stock fell in the previous session following a 13 percent drop in Q1 net profit to SAR 124 million.  

All banking shares also fell. Al Rajhi Bank slipped 0.5 percent to SAR 62.50 with while Alawwal Bank dropped 2.3 percent to SAR 10.75. National Commercial Bank, the worst performer, was down 2.2 percent at SAR 39.10.

In the broader market Dar Al-Arkan was the top decliner, down 4 percent to SAR 6.25. 

The energy sector advanced, supported by Bahri, up 0.8 percent to SAR 36.70. The oil shipper reported a 38 percent drop in Q1 net profit to SAR 379 million. The effort, however, topped consensus estimates of SAR 321 million.

Elsewhere, SADAFCO jumped more than 2 percent to 126.50, following the board proposal to pay 40 percent cash dividend for FY16/17.

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