TASI closes 0.3% higher led by petrochemical gains

The Tadawul All Share Index (TASI) closed slightly higher on Wednesday, witnessing a 0.3 percent gain, jumping 31 points to reach 9,782 points.

Meanwhile, the value of total shares traded reached SAR 7.5 billion.

Sector performance was mixed on Tadawul with petrochemical companies seeing the biggest advances. The trend followed positive comments from petroleum minister Ali Al-Naimi which forecast a 250 percent growth in the kingdom’s chemical and petrochemical production capacity by 2016.

Petro Rabigh saw its shareds jump by over 1.7 percent to SAR 25.05. Shares of Advanced Petrochemical Co. rose by nearly four percent to SAR 57.87, while Yanbu National Petrochemical Co. saw its stock price increase by nearly 2.9 percent to SAR 55.54.

Saudi Basic Industries Corp. (SABIC) finished the day higher rising by almost one percent to SAR 107.31, after Al-Rajhi Capital said it had maintained an “overweight” rating on the firm.

Plastics and packaging manufacturer Takween also ended up in positive territory, as its stock rose by over two percent to hit SAR 74.76. Shares of Al-Rajhi Bank inched up by 0.30 percent to reach to SAR 63.17.

Middle East Paper Co. (MEPCO) continued its strong performance this week, posting an increase of over 9.7 percent, as its stock price reached SAR 43.80, marking its highest level since listing on the exchange on Sunday.