Saudi stocks dip on profit taking

Saudi Arabia’s stock market headed into the weekend on a negative note as investors booked profits. The Tadawul All Share Index (TASI) closed 0.3 percent lower at 7,077, after a day of volatile trading on Thursday.

Volumes were slightly lower than yesterday at SAR 3.3 billion. The advances- declines ratio was 43/125.

Most sectors declined. Commercial services, retailing and financial sectors were the top decliners.

Banque Saudi Fransi fell over 2 percent to SAR 26. The lender’s Q1 net profit rose slightly to SAR 1.1 billion, beating consensus expectations of 11 percent profit drop. The stock added 3 percent in Wednesday’s session, just before the bank posted the result.

National Commercial Bank fell over 2 percent to SAR 38.20 and Alawwal Bank was 1 percent lower at SAR 10.80. However, Al Rajhi Bank edged higher to SAR 66.

Elsewhere, Mobily fell nearly 2 percent to SAR 22.80 as investors cashed in. The stock gained 7 percent to SAR 23.30 in the previous session.

A few energy and petrochemical shares rose. Saudi Kayan rose 3 percent to SAR 8.55. Sipchem gained 2 percent to SAR 19.35. The company said operations at IDC have resumed. 

SABIC, however, was a shade lower at SAR 99.75.

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