TASI jumps over 1% as banks, petchems rise

Saudi Arabian stock index rose on Thursday boosted by banks and petrochemicals. The kingdom’s central bank today hiked a crucial rate by a quarter of a percentage point, a move that is seen as a positive for commercial banks.

Petrochemical stocks were supported by a rebound in oil prices; Brent crude last traded up nearly 1 percent to $52.27.

The benchmark Tadawul All Share Index (TASI) closed 1.3 percent to 6,922, extending gains for the third straight session. Trading volumes amounted to over SAR 3.5 billion.

Banks climbed 1.5 percent while energy and materials sectors rose 2 and 1 percent respectively. Nearly all other sectors too closed in positive territory.  

Among the lenders, blue chips Al Rajhi Bank and National Commercial Bank added 1.6 and 2 percent respectively. Alawwal Bank gained 5.5 percent to SAR 11.20 while Banque Saudi Fransi rose over 3 percent to 24.25.

Among petrochemicals, SABIC climbed 1.4 percent to SAR 96.75 while Petro Rabigh rose over 4 percent to SAR 13.05.

In contrast, Tasnee was among top decliners, down 0.5 percent.

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