TASI pares early gains, closes below 7,000

Saudi Arabian stocks slipped back below the 7,000 mark on Sunday, paring all gains after rising to highs of 7,029 in early trading.

The Tadawul All Share Index (TASI) closed 0.2 percent lower at 6,990. Volumes came in at SAR 3 billion while the number of decliners was nearly on par with the number of stocks that rose.

Sectors closed mixed, with banks, retailing and food finishing lower, while energy and materials were up.

Al Rajhi Bank, which has maintained its spot as the largest weighted stock on TASI, fell slightly to SAR 63.75.

Saudi British Bank dropped nearly 3 percent to SAR 22 while National Commercial Bank and Samba fell between 1and 2 percent.

Saudi Industrial Investment Group was top decliner, down 4 percent to SAR 19.85. The company said it has shut its Saudi Chevron Phillips (SCP) project for 35-day scheduled maintenance, the financial impact of which could be expected in Q2-2017.

Arabian Shield fell over 1 percent to SAR 58.75 after it went ex-dividend last week.

Among the gainers, Jabal Omar edged up slightly tyo SAR 68.25 after the developer said it has launched operations at one of its hotels.

Elsewhere, Saudi Kayan jumped nearly 5 percent to SAR 8.25.

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