Saudi stocks edge higher on selective buying

The Saudi stock market traded listlessly on Monday as interest remained selective due to a lack of clarity on direction.

The Tadawul All Share Index (TASI) rose 0.1 percent to 6,865 as trading volumes remained low at SAR 2.5 billion. The advances- declines ratio was 114/49.

Blue chips Al Rajhi Bank edged up to SAR 62.25 while SABIC slipped slightly to SAR 95.50.

Mouwasat Medical Services rose 1.8 percent to SAR 147. The company reported a net profit of SAR 85.1 million for Q1, a 24 percent rise year-on-year (YoY).

Nama Chemicals soared to its upper limit to close at SAR 3.90. The company said it has extended a lease contract worth SAR 20.7 million per year of an office building that is owned by its subsidiary Nama Investment Co.

Saudi Industrial Investment Group extended losses from the previous session, falling another 2 percent to SAR 18.45, it lowest close in more than three months.  Sipchem also fell more than 1 percent to SAR 17.25.

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