TASI rebounds as mid-caps see buying

Saudi Arabia’s main index of shares recovered slightly on Thursday following four days of losses as mid- and small-cap stocks attracted attention.

The Tadawul All Share Index (TASI) closed 0.4 percent higher at 7,261 amid trading volumes of SAR 2.5 billion. The advances-declines ratio was 69/82.

Gains were spread across most sectors with retail, materials and food advancing.

Petrochemicals blue chip SABIC added 1 percent to SAR 99.90. Al Rajhi Bank, however, extended losses, dropping nearly 1 percent. The stock went ex-dividend on Wednesday.

Saudi British Bank pared some early gains and closed 1 percent higher at SAR 27. The lender has recommended 7.1 percent cash dividend to be issued at the rate of SAR 0.70 per share for the first half of 2017.

Alinma Bank was again among the top gainers, as it added another 4 percent to Wednesday’s gains. 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.

Malath Cooperative Insurance closed 5 percent higher at SAR 23.68 after the insurer said it obtained final approval from the Saudi Arabian Monetary Authority (SAMA) to issue visitors health insurance policies.

Tihama Advertising gained 6 percent to SAR 37.25. The company’s board has approved an offer for its 75 percent stake in Ad Art for SAR 4 million.

Mouwasat Medical Services gained over 4 percent to SAR 154. The company is expected to post 18 percent higher profit in Q2.

Meanwhile, Aldrees fell 1 percent to SAR 24.44. The transporter posted a 36 percent drop in Q2 net profit to SAR 18.3 million. 

Elsewhere, Alujain, Al Jouf Cement  and Emaar EC all fell up to 2 percent each.

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