TASI gains 1.4 percent as banks, petchems rise

Saudi Arabia’s Tadawul All Share Index (TASI) rose 1.4 percent, or 116 points, to 7,879 points, in just over 90 minutes of trading on Tuesday - the first day of trading after two-day National Day break.

Heavyweight SABIC rose 2.6 percent to SAR 125.60. The company said its wholly-owned subsidiary, SABIC Capital II B.V., plans to issue senior, unsecured USD-denominated bonds.

"Sharp recovery in Tadawul over the past five trading sessions is mainly led by bottom-up stock picking on names that will either be a beneficiary from MSCI inclusion or has near-term earnings trigger," Nishit Lakhotia, head of research at Bahrain-based investment bank SICO told Argaam.

"Tadawul is still more than 5 percent lower QTD in Q3 and is offering investors and traders good time to position smartly in names that have near-term triggers," he added.

Saudi Electricity was up 1.1 percent at SAR 16.42. The utility company successfully closed the issuance of $2 billion dual tranche sukuk.

Banking major Al Rajhi gained 1.8 percent, while National Commercial Bank surged 3.7 percent.  Insurer MedGulf added 3.6 percent.

Al Tayyar Travel Group was the top decliner, falling 8 percent to SAR 20.44.