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Three firms keep Saudi Tadawul index up

The Tadawul all share index started the week up 0.21%, boosted by trades on three of the 118 companies traded today. Al Inmaa, Petrorabigh and Zain accounted for 52%, or 149 million shares out of 287 million shares, traded in the market. The value of the trades stood at SR4.1bn out of total of SR10.7bn, equal to 38.3%.

Other leading shares have registered a decline including the normally buoyant banking, telecom and petrochemical sectors.

Shares in Al Inmaa were the most active, with 64.4 million shares but ended the day unchanged at SR19.25.

Zain closed down 0.92% at SR26.75 but beat other shares in terms of value, with trades equalling SR1.6bn.

Petrorabigh jumped 5.1% crossing the SR60 mark, its highest price since listing.

Banks are still facing fluctuations after poor quarterly results.

Al Rajhi fell by 1%, Samba by 1.5%, and Arab National Bank by 0.37%.

On the credit side Al Riyadh Bank rose by 2.1%, AlBilad by 1.8% and Saudi Hollandi bank by 1.6%.

Sabic fell by 0.33%, while Al Mutaqadmah made a record rise of 7.5%, supported by the increasing prices of PolyPropylene. Yansab also rose by 1.6%.

Cement shares continued to decline, except for Al Sharqia which rose by less than 1% affected apparently by the decision to ban the export of cement which should financially impact all cement firms.

The telecom sector also fell; Mobily by 1.7%, Saudi Telecom Company by 0.78%. Zain also joined the trend, despite its strong performance.

Marine Transport shares rose by 7%, pushing the transportation sector to register the highest rise of all industries with a 5.3% average.