TASI closes lower in thin trade

Saudi Arabia’s Tadawul All Share Index (TASI) closed 0.3 percent lower at 6,971 points on Wednesday, as trading volumes remained weak.

Trading turnover amounted to SAR 3.2 billion, with four of the 20 sector indices closing higher. The advance/decline ratio stood at 31/126.

Dairy giant Almarai climbed 1.4 percent to SAR 70.25. A consortium of the Saudi food producer and US-based agriculture giant Archer Daniels Midland Co. (ADM.N) is among potential bidders for Saudi Grains Organization’s (SAGO) four milling companies, Reuters reported.

In the insurance sector, Metlife AIG ANB added 0.9 percent to close at SAR 23.5. The insurer said it has renewed the marine cargo open cover policy for Arab National Bank (ANB).

Meanwhile, Malath Insurance lost 0.7 percent (SAR 8.6), while Allied Cooperative rose 0.3 percent to SAR 16.1. Both firms are studying the feasibility of a potential merger. 

Most petrochemical firms ended the session in the red, with SABIC declining 0.2 percent (SAR 97.25), while Alujain fell 2.2 percent to SAR 19.75.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com