By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange’s benchmark index succeeded in overturning its earlier losses and ended Monday in the green, rising slightly by 0.20% or 12.53 points and closing at 6,424.90 points.
Market analyst Faisal Al Oteiby commented that the earlier losses coincided with a drop in oil prices.
Rebounding oil prices contributed to the benchmark index’s rebound alongside gains by Tasnee and Sahara Petrochemicals, the analyst added, pinpointing the importance of keeping an eye on the stocks of SABIC and STC during Tuesday’s trades as these stocks will have the most impact.
On Monday, SABIC reported a profit of SAR 3.4 billion, a decline of 13% Y-o-Y; however, these profits exceeded the expectations of eight research firms, which put SABIC’s profits at SAR 3.19 billion.
A total of 312.6 million shares were traded today at a turnover of SAR 5.4 billion, executed through 124,000 transactions.
A total of seven sectors rose with petrochemicals adding 0.85%, whereas eight sectors retreated including the agriculture and food industries sector which was down 1.02%.
Tasnee led risers, surging 9.91% to SAR 11.2 per share, following its bourse filing earlier today, in which it reported a loss of SAR 94.8 million (25.28 million) for Q1-16, trimming its losses by 71.5% Q-o-Q.
Sahara Petrochemicals followed closely, adding 9.81%, while Maaden grew 6.26%.
On the other hand, Enaya Insurance led losers, falling 5.09% to SAR 11 per share, followed by Aldrees and SAFCO by 4.1% and 3.8%, respectively.
Al Inma Bank was the highest traded in terms of turnover as 53.3 million shares were exchanged, followed by Saudi Kayan and Sahara Petrochemicals with 28.7 million and 19.3 million shares traded, respectively.
Meanwhile, Wafa Insurance was the most actively traded, totaling 7,900 transactions followed by Al Inma Bank and Tihama with 5,600 and 5,100 transactions, respectively.
Translated by: Nada Adel Sobhi
