TASI drops nearly 1% as bluechips decline

Saudi Arabia’s Tadawul All Share Index (TASI) fell 0.9 percent to 7,800 points on Sunday as all 12 listed banks closed in the red.

Total volumes stood at SAR 3.8 billion and the advance-decline ratio was 67-107.

Heavyweight lender Al Rajhi Bank lost nearly 1.2 percent to close at SAR 74.6, while Bank Albilad saw the sharpest fall among peers – declining nearly 4 percent to SAR 21.9.

Among petrochemicals, SABIC slipped 0.2 percent to SAR 116.2, and Saudi Industrial Investment Group (SIIG) was down nearly 3 percent at SAR 22.

Jabal Omar Development Co. slumped almost 3 percent to SAR 49.05, after reporting an annual net loss of SAR 601 million.

Cement stocks were also mainly lower, led by Saudi Cement Co. that dropped more than 4 percent to SAR 53.8.

Meanwhile, Thimar was the top gainer of the day as the stock rose 7.4 percent to SAR 32.3. The firm swung to net profit of SAR 8.7 million in 2017, compared to a loss of SAR 528,313 the previous year.

Al-Babtain Power and Telecommunication Co. was up 4.1 percent at SAR 27.95, after its board of director proposed 5 percent cash dividend for Q4 2017, at SAR 0.5 per share.

To contact the writer, email Nadeshda Zareen at nadeshda.zareen@argaamplus.com