TASI slips on profit-booking

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) fell 0.8 percent to 7,289 on Monday as investors booked profits following a five session winning streak.

Volumes came in at SAR 2.5 billion. Only 55 stocks closed in the positive, while 116 declined.     

Most sectors closed in the negative with petrochemicals and retail leading the losses.

Elsewhere, blue chips Al Rajhi Bank and SABIC fell nearly one percent each to SAR 65.90 and SAR 100.60 respectively.  

Yanbu National Petrochemical Co. (Yansab) fell 1.7 percent to SAR 53.30. The SABIC subsidiary posted 54 percent fall in second quarter net profit to SAR 345.7 million. The effort came slightly below Riyad Capital’s expectation of a 48 percent drop.

In the broader market, Banque Saudi Fransi was the top decliner, down more than 5 percent at SAR 31 as investors cashed in profit, following the stock’s robust rise in the past few sessions.

In contrast, Saudi Research and Marketing Group continued upward, adding another 6 percent to SAR 58.80, its highest in about 18 months. The stock has doubled in price in the last one month.  

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