TASI pares intraday losses to close at 20-month high

Saudi Arabia’s stock market climbed to its highest close in 20 months on Monday paring all losses sustained earlier in the session. The Tadawul All Share Index (TASI) closed 0.1 percent higher at 7,493.

Volumes slipped slightly to SAR 3.5 billion while the advances- declines ratio was 128/44.

During the early part of the day’s trading, investors cashed in gains made over the past few sessions. However, buyers came in towards the close of the session, picking up blue chips at a bargain. 

Al Rajhi Bank, which hit a session low of SAR 66.90, climbed back up to close at SAR 69.20. National Commercial Bank also pivoted from a session-low of SAR 52.90 to close at SAR 55.70.

Petrochemical giant SABIC closed flat albeit with a positive bias at SAR 103.20, up from earlier lows while Maaden rose to close nearly 1 percent to SAR 53.50.

Saudi Electricity Co. hit a 52-week high at SAR 26.05. The utility, a potential constituent of MSCI’s EM index, earlier denied it has raised power tariffs across the Kingdom. 

Elsewhere, second-tier stocks like Saudi Research and Marketing Group, AlBaha Investment and Development Co. and Saudi Automotive Services Co. rose to hit their maximum levels.

Meanwhile, Mouwasat Medical Services, which has risen nearly 12 percent in the past three months, was top decliner down 5 percent at SAR 150. 

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