TASI edges lower; Almarai climbs to SAR 78

With just two days left for the beginning of the holy month of Ramadan, Saudi stocks extended declines on Wednesday. The benchmark Tadawul All Share Index (TASI) fell 0.5 percent to 6,901. The advances-declines ratio was 26-134.

Volumes dropped to SAR 2 billion, the lowest seen in eight months. Daily trading turnover is expected to remain subdued during Ramadan and the approaching summer holidays. 

Most sectors declined. Telecoms fell over 1 percent. Saudi Telecom and Mobily dropped 1 percent each. The regulator has imposed fines of SAR 15 million on them citing various violations.

The third operator in the Saudi telecom space, Zain Saudi, tumbled 4 percent to SAR 9.50.

Most petrochemical stocks also fell, with Sipchem down 2 percent at SAR 15.35. The company began a five-week scheduled maintenance at two subsidiaries on Tuesday.

However, SABIC was up slightly at SAR 98.50 and SAFCO edged up to SAR 66.50.

Middle East Paper fell 5 percent to SAR 16, after the stock went ex-dividend.

GASCO fell nearly 5 percent to SAR 30.40. The company said it has received a statement of claim from the attorney general for the gas tanker explosion that occurred in November 2012.

Meanwhile, Alandalus Property Co. which soared 7 percent in Tuesday’s session fell 2 percent to SAR 22.30 in profit booking.

In contrast, Ash-Sharqiyah jumped 4 percent to SAR 40.80 after the company said it has offset its accumulated losses in full.

Almarai rose 1 percent to SAR 78, its highest close since listing. 

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