TASI consolidates on oil, investment deals

The Saudi Tadawul All Share Index (TASI) consolidated over the session on Sunday and closed 0.8 percent higher at 6,991. Petrochemicals stocks supported, following a strong close for oil prices last week.

Closer home, news of the United States and Saudi Arabia signing a slew of investment deals across various sectors totaling $280 billion, lifted investor sentiment.

Trading turnover amounted to over SAR 3 billion as 132 symbols advanced while 35 stocks closed lower.

Meanwhile, Al Rajhi Capital in a report Sunday said that sectors with high investor interest in the last three months were REITs, due to their predictable cash flows and dividends, and consumer-oriented and defensive sectors like retailing, food, telecom and healthcare.

“The market positioning implies that the investors’ activity was skewed towards sectors with higher revenue/ earnings visibility,” the report added.

At a stock level, Maaden rose nearly 2 percent to SAR 42.80 after it signed MoUs worth SAR 37 billion with the US-based Alcoa Corp and Mosaic to tap the potential of Saudi Arabia’s mining sector.

Petrochemicals were led by by sector heavyweight SABIC, up 2 percent to SAR 99.25. Petrochem and Saudi Kayan also climbed over 1 percent each.

Elsewhere, top gainer Tabuk Agricultural jumped 6 percent to SAR 13.75.

Meanwhile, Umm Al-Qura Cement and Emaar EC topped the decliners’ list, down 2 percent.

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