Saudi index reverses losses, ends 0.7% higher

Tadawul All Share Index, Saudi Arabia’s gauge, reversed losses on Tuesday ending 60 points, or 0.7 percent higher at 9,294.

Trading thinned out delivering SAR 6.4 billion, its lowest value in over a month. 

Saudi Basic Industries Corporation (SABIC), the country’s top petrochemicals producer, gained 0.5 percent to end at SAR 91.67.

Al-Rajhi Bank also saw slight gains, rising 1.5 percent to SAR 62.39.

Qassim Agriculture was the top gainer, climbing over 8 percent to SAR 17 with a heavy trade volume of nearly 14 million shares.

The company on Tuesday announced that its 171 million square-meter land in the kingdom's Sheri area met ownership regulations declared by the Saudi cabinet.

Utility provider Saudi Electricity shut at SAR 18.75, advancing 3 percent, spurred by the board’s recommendation to distribute a cash dividend at SAR 0.70 per share.

Ma’aden, Jabal Omar, Albilad Bank, and Nama Chemicals added more than 2 percent.

Telecom operators Zain Saudi and Atheeb went the other direction, shedding over 2 percent. AXA Cooperative Insurance was the biggest loser, falling over 5 percent.