Saudi stocks extend losses; Alinma up on Q2

The Saudi Tadawul All Share Index (TASI) closed 0.4 percent lower at 7,229 on Wednesday amid a trading turnover of SAR 2.9 billion.

Bank and materials sectors declined while consumer services and utilities rose slightly.

Riyad Bank fell 1 percent to SAR 10.76 after it reported a 26 percent fall in second quarter net profit to SAR 848 million; worse than the consensus expectation of a 19 percent drop.

Al Rajhi Bank fell nearly 2 percent to SAR 64.50 after the stock went ex-dividend. Petrochemicals blue chip dropped 1.5 percent to SAR 98.70.

Alinma Bank was among the top gainers, up 3 percent at SAR 15.12. The lender made a second-quarter net profit of SAR 488 million, an increase of 19.3 percent YoY. The Q2 profit came in slightly above analysts’ estimates.

Saudi Electricity Co. (SEC), which reported a slight drop in Q2 net profit to SAR 2.2 billion, closed unchanged.

Al Othaim Markets Co. was top decliner, down 2.5 percent to SAR 119. Elsewhere, Savola Group, Zain Saudi, Banque Saudi Fransi, and eXtra all fell between 1 and 2 percent. 

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