Strong Q1 numbers lift TASI; Jarir jumps

Saudi Arabian market rose on Tuesday, boosted by select stocks that reported strong first quarter earnings. 

The Tadawul All Share Index (TASI) closed 0.8 percent higher at 6,919 amid volumes of SAR 2.8 billion. The advances- declines ratio was 107/52.

The bank sector supported the advance, rising over 1 percent. Al Rajhi Bank jumped 1.6 percent to SAR 63 while National Commercial Bank rose 1.4 percent. Alawwal Bank, Samba and Alinma supported with gains over 1 percent.

Most petrochemical stocks also advanced. Index heavyweight SABIC closed nearly 2 percent higher at SAR 97.25. 

The retail climbed more than 4 percent. Jarir Marketing also rose 6 percent to SAR 141.25 after its Q1 net profit climbed 27 percent to SAR 221.4 million. The result beat Al Rajhi Capital’s estimate of SAR 190.4 million.

Elsewhere, Salama Insurance jumped 8 percent to SAR 15.90 after it reported a Q1 net profit of SAR 14 million compared with SAR 2.5 million in the year-ago period.

Al Othaim Markets added 1 percent closing at SAR 104. Its Q1 jumped 29 percent year-on-year to SAR 60.2 million.

GASCO rose 0.7 percent to SAR 34.10. The company posted a 29 percent rise in Q1 net profit to SAR 65 million.

Meanwhile, Maadaniyah fell 1 percent to SAR 22.20. The metal manufacturer posted 88 percent decline in net profit to SAR 1.45 million. 

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