Banks lift TASI; Jarir drops after Q2 miss

Saudi Arabia’s stock market closed the week Thursday on a slightly positive note, after paring early gains.

The Tadawul All Share Index (TASI) closed 0.1 percent higher at 7,314. Volumes improved slightly to over SAR 3.6 billion.

Sectors closed mixed with banks advancing while petrochemicals were mostly in retreat.

Al Rajhi Bank rose over 1 percent to SAR 66.20 after the lender proposed 15 percent dividend for the first half 2017.

Bank Aljazira jumped 3 percent, while Samba added 2 percent.

Al Othaim Market extended gains from the previous session, and closed 1 percent higher at SAR 121.80, albeit down from a session high of SAR 124.

After falling to profit-booking Wednesday, Saudi Research and Marketing Group rebounded. The stock rose to its maximum at SAR 48.65.

Meanwhile, petrochemicals major SABIC slipped to SAR 101.20. Alujain (-5 percent to SAR 24.32) and Saudi Steel Pipe (-3 percent to SAR 16.98) were among the top decliners after gaining in the previous session.

Jarir Marketing closed 1 percent lower at SAR 151.20 after hitting a session high of SAR 155 earlier in the session. The company posted 17 percent rise in Q2 net profit to SAR 147.8 million, missing most analysts’ expectations. 

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