TASI edges higher on oil boost

A rebound last week in oil prices and some positive company news helped boost sentiment on the Saudi stock exchange on Sunday. The Tadawul All Share Index (TASI) closed 0.1 percent higher at 7,094.

The stocks in focus were mainly those that had reported quarterly earnings late on Thursday and early today.

Al-Babtain jumped 6 percent to SAR 28. The company recommended a 10 percent cash dividend for H1 2017. It also reported a slight rise in Q2 net profit, which its chairman attributed to a strong performance in Egypt.

Gulf General Cooperative Insurance jumped 5 percent to SAR 16.70. Although the insurer reported a year-on-year dip in Q2 net profit to SAR 11.3 million, on a quarterly basis it compared favorably with a net loss.

Saudi Arabian Amiantit Co. rose 7 percent to SAR 5.72 after its joint venture acquisition in Austria was approved by the European Commission.

Elsewhere, most petrochemicals stocks were up in line with the rise in Brent crude. SABIC edged higher to SAR 97.40 while Sahara added nearly 1 percent.

Basic Chemical Industries rose 1.2 percent to SAR 20.46. Its Q2 net profit doubled on a quarter-on-quarter basis although compared to the same period in the previous year it was down.

Meanwhile, Herfy Foods was the top decliner, down 3 percent to SAR 51.70 after its Q2 net profit fell 12 percent. 

Emaar EC also dropped 3 percent to SAR 13.80. It reported a net profit fall of 85 percent.

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