By: Majid Al Shabib
Riyadh – Mubasher: Saudi Basic Industries Corp.’s (SABIC) financial results exceeded expectations and boosted the Saudi Stock Exchange’s general index on Tuesday into recording its highest daily gains in 32 sessions.
The benchmark index gained 1.67% or 107 points and closed at 6,531 points, whereas its last major rise was on 6 March.
Turnover was higher than last week’s average, jumping to SAR 6.49 billion, while shares traded reached 351.9 million exchanged through 133,000 transactions.
SABIC’s results positively affected Tuesday’s session, commented technical analyst Saeed Al Harbi, adding that he expects the general index to target the level of 6,700 points in the coming period in the presence of strong liquidity.
With the exception of the energy sector which remained stable at the end of the session, all sectors ended in the green, led by insurance with a 3.2% rise.
The petrochemicals sector added 2.3% backed by SABIC’s 3.2% growth, while the banking sector increased 1.2%.
In terms of stocks, a total of 161 companies ended rose, led by Walaa Insurance, Bawan Holding, and Arabian Cement Co. all of which surged by 10%.
On the other hand, seven stocks were down, led by Alujain, which fell 4.5%, followed by Saudi Airlines Catering which retreated 2.7%, extending its losses for the third session in a row.
Translated by: Nada Adel Sobhi
