TASI edges higher on bank earnings cheer

Saudi Arabia’s stocks wrapped up a volatile session with modest gains on Monday. The Tadawul All Share Index (TASI) closed 0.1 percent higher at 7,011.

Volumes amounted to around SAR 3 billion as telecoms and banks led the gains.

Zain Saudi was top performer in the broader market, limit up at SAR 11.05, registering its highest close in more than 18 months. Competitor Mobily also saw robust gains, rising nearly 4 percent to SAR 23.15.

A few estimate-beating quarterly results propped up the bank sector, a day after it slumped on news that was Saudi banks were being sued by US insurers.

Al Rajhi Bank edged higher to SAR 64.50. The lender, one of the world’s largest Islamic banks, reported a Q1 net profit of SAR 2.2 billion, up 10 percent YoY and mostly in line with expectations. The stock had fallen over 2 percent on Sunday.

Riyad Bank reported Q1 net profit of SAR 1.047 billion. Although 10 percent lower YoY, profit for the period surged compared with the previous quarter and also easily beat average estimates.

However, Bank Aljazira fell 1.5 percent to SAR 11.50. The lender reported a Q1 net profit of SAR 216 million, which despite being 43 percent lower on year, topped NCB Capital’s estimate of SAR 184 million.

Elsewhere, while SABIC edged up to SAR 99.75, the materials sectors closed in negative territory. 

Meanwhile, Al Khaleej Training and SPIMACO closed lower at SAR 18.40 and SAR 35.90 as they went ex-dividend.

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