TASI rebounds on oil, bargain buying

A rebound in oil prices pulled up the lackluster Saudi stock market on Thursday. The market, which lost more than 4 percent last week, firmed up a bit on some bargain buying as well.

The Tadawul All Share Index (TASI) closed 0.4 percent up at 6,922. However, trading volumes pulled back to SAR 3.7 billion, the lowest in three weeks.   

While fortunes were mixed at a sector level, heavyweight materials, energy and banks closed in positive territory.

Most petrochemicals stocks followed oil prices higher.  Sahara Petrochemicals and Saudi Arabia Fertilizers Co. gained 2.4 percent each to SAR 14 and SAR 72 respectively.

Blue chips SABIC rose 0.7 percent to SAR 92.75 and Al Rajhi Bank added 0.4 percent to SAR 62.50.

Elsewhere, a few stocks reacted positively to specific news. Farm Superstores rose nearly 2 percent to SAR 30.50. Unconfirmed newspaper reports said the company opened a new store in Riyadh. 

Al Yamamah Steel rose 1 percent to SAR 29.60. The company signed a SAR 36.77 million electric tower deal with L&T Electrical & Automation Saudi Arabia Co. Ltd. (LTESA), whose  impact will start being felt from the second quarter.

In contrast, Yansab fell over 2 percent to SAR 54. The company’s Q4 net profit jumped 53 percent on year to SAR 603 million. 

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