Saudi stocks extend gains; Al Rajhi Bank up

Saudi Arabian shares extended gains for a fourth straight session on Sunday as most sectors stayed buoyant.

The Tadawul All Share Index (TASI) closed 0.5 percent higher at 6,953. However, volumes retreated slightly to SAR 3.2 billion. The advances-declines ratio was 120-48.

Insurance sub-index, a favorite among day traders who are looking to make a profit, added over 1.4 percent. The surge was led by Wafa Insurance, up 8 percent to SAR 19.05.

Solidarity Saudi Takaful, which has managed to cut its accumulated losses to below 50 percent, gained over 4 percent to SAR 20.60.

Banks advanced led by Al Rajhi Bank; up over 1 percent to SAR 65.50. The stock goes ex-dividend today. The bank had announced a 15 percent cash dividend.

Energy and capital goods sectors also advanced. Oil shipper Bahri added over 2 percent to SAR 36.40.

Elsewhere, Astra Industrial Group  rose over 2 percent to SAR 15.90. Its board has proposed a 5 percent cash dividend (SAR 0.50 per share) for the fiscal year 2016.

Meanwhile, despite gains in oil prices last week, petrochemical stocks mostly led lower. Blue chip SABIC slipped slightly to SAR 96.75. SIPCHEM fell nearly 1 percent to SAR 17.60.

Write to Brinda Darasha at brinda.d@argaamplus.com