TASI edges higher amid thin volumes

Saudi Arabia’s stock market saw some buying activity towards the end of Monday’s session, corresponding with a rise in Brent crude prices.

Investors, who had been staying on the sidelines given the uncertain geopolitical climate, also used the opportunity to pick up some beaten downs stocks following the recent weakness in the index.

The benchmark Tadawul All Share Index (TASI) closed 0.2 percent higher at 6,822.

However, volumes were scant at SAR 1.8 billion. The market breadth was nearly balanced as 89 stocks advanced while 76 declined.

Most sectors closed in positive territory. Petrochemicals major SABIC rose slightly to SAR 99.20. SIIG added nearly 2 percent while Saudi Kayan edged up.

Elsewhere, Saudi Electricity extended gains, adding 1.6 percent. Banque Saudi Fransi climbed more than 2 percent to SAR 26.95.

Food and beverage retailers continued buoyant as Ramadan sales boosted the stocks. Savola extended gains, adding more than 1 percent to SAR 44.79.

However, Almarai paused for breath following spectacular gains over the past many sessions. The stock fell 0.5 percent to SAR 82.40.

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