Riyadh – Mubasher: The stock of the Mobile Telecommunications Company Saudi Arabia (Zain KSA) gained early Wednesday on the Saudi Stock Exchange (Tadawul), registering an 18-month high after reporting turning to profits in the first quarter of 2017.
By 10:57am Saudi time, Zain’s stock surged 9.84% to SAR 10.05, registering its seventh straight gain, and nearing its 20 October 2015 record high.
Turnover on the stock reached SAR 73.977 million after 4.46 million shares were traded.
Earlier on Wednesday, Zain reported a net profit of SAR 45 million ($12 million) in Q1-17 against a loss of SAR 250 million ($66.7 million) in the year-ago period of 2016.
Tadawul’s benchmark index opened Wednesday in the green, after closing Tuesday in red, adding 0.59% or 40.16 points and reaching 7,076.59 points by 11:01am Saudi time.
