TASI edges higher; SABIC up nearly 2%

Saudi Arabian shares edged higher on Tuesday, after retreating for two sessions in a row this week, with petrochemical blue-chip SABIC climbing to its highest level in more than a year and a half.

The Tadawul All Share Index (TASI) closed 0.3 percent higher but remained below the 7,000 mark, ending the day at 6,986 points.

Volumes remained weak at SAR 2.6 billion, and the advance-decline ratio stood at 87/73.

Petrochemicals stocks were mostly positive; SABIC rose 1.6 percent to SAR 98.5, while Alujain was up 2 percent at SAR 20.55.

Makkah Construction and Development Co. was the biggest gainer for the day, jumping 4.7 percent to SAR 112.75.

NADEC followed, rising 4.4 percent to SAR 28.7.

REITs were among the top decliners, with AlJazira REIT falling 3 percent to SAR 21.65, while Riyad REIT slipped 2.2 percent to SAR 13.35.

Elsewhere, banking stocks were mixed. Bank Aljazira climbed 2.6 percent to SAR 16.9, and heavyweight Al Rajhi Bank climbed 0.4 percent to SAR 63.25. Meanwhile, Saudi Investment Bank slipped 1.1 percent to SAR 13.75.

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