Saudi stocks extend gains; Al-Khodari jumps

Saudi Arabian stocks edged up on Tuesday buttressed by the extended gains in crude oil prices. The benchmark Tadawul All Share Index (TASI) closed 0.7 percent higher at 6,940.

Volumes jumped from previous lows to SAR 3.7 billion. The advances- declines ratio was 133/35.

Energy shares rebounded as SARCO and Bahri added around 2 percent and 1.7 percent each. Petro Rabigh, up 0.6 percent, saw some buying interest after the stock was beaten down to its three-month low in the previous session.  

SABIC edged up slightly to SAR 97.75 while Saudi Chemical rose nearly 2 percent to SAR 34.90.

All banks advanced. National Commercial Bank jumped over 3 percent to SAR 40.80 while Banque Saudi Fransi rose 2.9 percent to SAR 27.10. The sector heavy weight, Al Rajhi Bank added a more modest 1 percent.

Al-Khodari was top gainer for the day, limit up at SAR 11.15. Its CEO, Fawwaz Al-Khodari, told CNBC Arabia Monday that the government owed his company SAR 400 million.

Elsewhere, Yamamah Steel added more than 3 percent to SAR 27.80, after proposing a 10 percent dividend for first half of this year.

Meanwhile Nama Chemicals was the top decliner--down 7 percent to SAR 19.35—after trading in the stock resumed today.

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