Saudi stocks edge up as oil prices climb

Saudi Arabia’s Tadawul All Share Index (TASI) closed slightly higher at 7,062 points on Monday, as crude oil prices inched closer to the $56-mark.

Volumes came in at SAR 2.7 billion, and the advance-decline ratio stood at 84-74.

Blue chip lenders Al Rajhi and Alinma advanced, helping push the banking sector in the green. Al Rajhi was up 0.9 percent at SAR 64.5 and Alinma rose 0.3 percent to SAR 14.65.

Saudi German Hospital gained 2.3 percent to SAR 80.25, the highest close since its inclusion on the exchange in March 2016. The stock touched an intra-session peak of SAR 84.

Saudi Vitrified Clay Pipes Co. added 2.8 percent to SAR 57.25. The company ssaid it will restart the kilns in its Riyadh plants from today due to a higher demand for pipes and a decrease in inventory.

Meanwhile, petrochemical giant Saudi Basic Industries Corp (SABIC) edged up 0.1 percent to SAR 101.75, supported by gains in oil prices.

Elsewhere, Saudi Cement Co. was the top decliner, falling nearly 10 percent at SAR 53.75. It was followed by Halwani Bros, which lost 4 percent to reach SAR 52. Both stocks were trading ex-dividend.

Global benchmark Brent crude was last trading 1.2 percent higher at $55.89 per barrel (bbl). West Texas Intermediate (WTI) was also up 1.2 percent at $52.85/bbl. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com