TASI edges higher; Advanced rises on Q3 beat

The Saudi Tadawul All Share Index (TASI) rose 0.3 percent to 7,242 on Tuesday after Advanced Petrochemicals kick-started the third quarter financial reporting season for Saudi companies with a robust profit figure.

Volumes came in at SAR 2.7 billion. There were, however, more sellers in the market than buyers with the advances-declines ratio at 78/87. 

Adavnced Petrochemical gained 1.4 percent to SAR 45.85 after the company reported a 10 percent YoY rise in third quarter net profit to SAR 208 million. Much of the increase was attributed to higher share of profit from associate SK Advanced.

The effort beat Al Rajhi Capital’s estimate of SAR 189 million and was in line with NCB Capital’s estimate of SAR 210 million.  

Elsewhere, Banque Saudi Fransi jumped 2.5 percent to SAR 30. And Al Rajhi Bank added 0.8 percent to SAR 66.20.

Alinma Bank rose 2.5 percent to SAR 17.60. The bank is expected to post a 61 percent year-on-year rise in Q3 net profit, according to AlJazira Capital.

Malath Insurance was top gainer for the third consecutive session following its capital increase. The stock was limit up at SAR 16.40. 

SABB Takaful dropped nearly 3 percent to SAR 28.15. after the Kingdom’s regulator banned it from issuing or renewing insurance and saving policies over regulatory violations.

Saudi Zain fell 2.5 percent to SAR 8.68. The mobile operator said there have been no developments in talks on the sale and leaseback of towers, following the end of the exclusivity period on Sept. 28.

Al Othaim Markets fell 1.8 percent to SAR 121.20 after the stock went ex-dividend.

To contact the writer, email Brinda Darasha at brinda.d@argaamplus.com