Riyadh – Mubasher: United Electronics' (eXtra) stock enjoyed a strong positive performance during Tuesday's trades on the Saudi Stock Exchange (Tadawul), resuming gains after falling on Monday, and jumping to its highest level since the start of 2016, or in around 15 months.
The stock leapt 9.76%, adding SAR 3.36 and reaching SAR 37.8 per share by 12:10 pm Saudi time.
The rise made eXtra's stock the biggest gainer on Tadawul Tuesday.
Turnover on the stock reached SAR 43 million after 1.17 million shares changed hands through 1,660 transactions.
In the meantime, the benchmark Tadawul All Shares Index (TASI) gained 0.26% or 17.83 points to 6,937 points.
eXtra's gains on Tuesday are seen as the tenth rise for the stock in March, against only three declines.
In February, eXtra's board recommended a capital increase through the issue of bonus shares at 1-for-6; thus, raising capital by 16.66%.
eXtra last reported a net profit of SAR 27.5 million ($7.3 million) in the fourth quarter of 2016, registering an increase of 202.6% from SAR 9.1 million ($2.4 million) for Q4-15.
