Saudi Arabian stocks finished lower on Thursday after an early rally fizzled from lack of new catalysts and fresh buying interest. A pull-back in oil prices also dampened investor sentiments in the market, which is strongly correlated to crude.
The Tadawul All Share Index (TASI) closed 0.3 percent to 6,354. Volumes retreated to around SAR 5.8 billion, while the advances-declines ratio was 55-107.
While the sectoral indices enjoyed mixed fortunes, heavyweight petrochemicals and banks had a negative closing. SABIC slipped nearly 1 percent, while National Commercial Bank edged 0.7 percent lower.
Petro Rabigh, however, closed 1.3 percent higher at SAR 11.15. The stock saw early buying interest after the oil refiner projected a SAR 750 million rise in revenue from its newly-completed ethane cracker expansion.
Elsewhere, Jarir Marketing fell a further 2.6 percent to SAR 116.25. The bookstore operator’s stock plunged over 9 percent yesterday after the company projected a 30 percent drop in sales for Q1-16.
Food and dairy producer, Nadec fell 3 percent, extending losses from Wednesday. The stock earlier rose 20 percent after the company revealed plans to hike capital through a 1:10 bonus share issue.
Mouwasat Medical Services Co. gained 4.4 percent to SAR 120, after it extended a medical services contract with Saudi Arabian Oil Co. (Saudi Aramco) for another two years under new terms that will see revenue rise by at least 10 percent.
Meanwhile, Brent crude, the key benchmark for Middle East’s crude exporters, was last trading down 0.6 percent at $40.81 per barrel on London’s ICE.
Write to Brinda Darasha at brinda.d@argaamplus.com
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