By Mohammed Abu Meleeh
Riyadh-Mubasher: Tadawul All-Share Index (TASI) staged a rapid comeback on Tuesday, fuelled by the petrochemical industry and agriculture sectors.
The benchmark rose 0.48% or 26.86 points to shut at 5,637.31. It has lost 18.44% or 1,274.45 since the beginning of 2016.
Oil prices rose to more than $30 on forecasts that Opec members and non-members will hold a meeting soon to curb oversupply.
Aramco CEO Amin Al Nasser expected an oil price recovery by the end of this year.
He told the Global Competitiveness Forum that the current price fall will not continue, adding that there are signs of demand growth which will fill supply and demand gap.
The petrochemical sector rose 0.63%, fuelled by SABIC which gained 1.01%.
The agriculture sector also climbed 1.65% as Savola and Almarai added 2.62% and 1.69%, respectively.
Nine other sectors advanced, including the cement and building which added 2.48% and 2.15% in a row.
Meanwhile, four sectors declined, led by the media and telecom which lost 1.49% and 0.65%, respectively. The banking also fell 0.26% and the real estate development shed 0.02%.
Wrapping up stocks, gainers outnumbered losers 118 to 42. Tihama led the way in gains, rocketing 9.97%, while Wafa Insurance was the biggest faller, diving 6.66%.
Turnover increased to SAR 5 billion from SAR 4.4 billion, and traded volume rose to 326.3 million shares from 276.9 million shares.
Translated by Abdul Maguid Aboshahla
