Saudi Arabian stocks closed higher on Wednesday after fluctuating for most of the session as investors awaited the kingdom’s budget announcement, which according to the finance ministry, will be on Thursday.
The Tadawul All Share Index (TASI) ended 0.4 percent higher at 7,057.
Volumes weakened further to SAR 3.3 billion, the lowest in two months. The advances-declines ratio was 113/48.
Most sectors pivoted into positive territory towards the end of the session even as trading activity mainly centered round a few specific stocks. The retail sector, however, declined.
Arabian Pipes closed 4 percent higher to SAR 17.05—paring some early gains—after it disclosed winning a SAR 72 million deal to supply pipes to Saudi Aramco.
Saudi Steel Pipes, which won a similar order from Aramco worth SAR 106 million, added 5.7 per cent to SAR 18.20.
Elsewhere, Arab National Bank fell 1 percent to SAR 21.55 after it declared a 4.5 percent cash dividend H2-2016, taking the total dividend for the fiscal year to SAR 0.90. This is less than the SAR 1 per share dividend it paid in 2015.
Blue chip SABIC slipped 0.5 percent to SAR 91.75 while banking heavyweight Al Rajhi Bank edged lower to SAR 63.25.
Fawaz AlHokair fell over 2 percent to SAR 34.50 while Al Herfy Food Services slipped 1.2 percent to SAR 80.
Write to Brinda Darasha at brinda.d@argaamplus.com
Comments
{{DisplayName}}
{{ElapsedTime}}