TASI extends gains; Saudi Printing jumps 10%

Saudi Arabia’s Tadawul All Share Index (TASI) extended gains on Tuesday, edging up 0.2 percent to close at 6,993 points.

Volumes strengthened somewhat to SAR 3.6 billion, from a nearly four-month low the previous session. The advance-decline ratio stood at 100/58.

Saudi Printing was the top gainer, soaring nearly 10 percent to SAR 18.8.

Elsewhere, Al-Babtain Power and Telecommunication Co. rose 2.6 percent to SAR 29.9. The company’s board has recommended 10 percent cash dividend (SAR 1 per share) for the fourth quarter of 2016.

Banking stocks ended mostly in positive territory; Al Rajhi Bank rose 0.4 percent to SAR 63.75, and Alinma Bank was up 0.3 percent at SAR 14.6. The lender has inked a 25-year, affordable mortgage program with the Saudi Real Estate Development Fund (REDF) to provide finance for homebuyers.

Meanwhile, REITs led the declines for the day, with the sub-index closing 2.5 percent lower. Al Jazira REIT dove 4.6 percent to SAR 20.35, while Riyad REIT lost 2.6 percent to close at SAR 13.75.

Among petrochemical firms, blue chip SABIC edged down 0.2 percent to SAR 97.5, while Sahara Petrochemical Co. fell 0.5 percent to SAR 15.45. Sahara said its subsidiaries Al Waha Petrochemical Co. and SAMAPCO will halt production for maintenance for 32.5 and 25 days, respectively.  

Write to Jerusha Sequeira at jerusha.s@argaamnews.com