Saudi Arabian shares on Wednesday climbed steeply shortly after open, powered by a surge in the retail sector. Several retail stocks rose up to their 52-week highs.
A jump in Brent crude futures, a critical benchmark for the Middle East’s oil exporters, also lifted investor optimism. The September contract was last trading 1.4 percent higher at $48.18.
The Tadawul All Share Index (TASI) closed 0.8 percent higher at 7,307. Volumes improved slightly to over SAR 3 billion. The advances- declines ratio was 119/50.
Gains were spread across most sectors, with retail and banking leading the advance.
eXtra, which had risen since posting exceptional Q2 net profit, saw some profit-booking. The stock closed 2 percent lower at SAR 39.05.
However, its sector peers Jarir Marketing (+3 percent) and Fawaz Alhokair (+0.8 percent) gained on expectations of similar outperformances.
Dallah Healthcare rose 3 percent to SAR 116 and Al Othaim Markets added 3 percent to SAR 120, both at new its 52-week highs.
Among banks, Saudi Investment Bank added 7 percent to SAR 13.64. Alawwal and Banque Saudi Fransi rose 5 percent each.
Among petrochemicals Alujain, the top riser, hit its maximum daily limit at SAR 25.60. Its CEO said the company is set to report higher earnings.
Saudi Steel Pipes jumped another 6 percent to SAR. The company rose 8 percent in the previous session after it won a contract worth SAR 245 million from Saudi Aramco.
Saudi Research and Marketing Group--down 4 percent to SAR 47-- fell to profit-booking towards the latter part of the session after the stock hit a 52-week high of SAR 54.
Write to Brinda Darasha at brinda.d@argaamplus.com
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