TASI flatlines on profit booking; Almarai at record high

Saudi Arabian shares closed flat on Monday in relatively thin trading as investors cashed in following Sunday’s gains. The Tadawul All Share Index (TASI) closed nearly unchanged at 6,988.

Volumes were lower than yesterday at SAR 2.6 billion. Only 62 names advanced compared with 101 decliners.

Most sectors finished in negative territory. The materials sector fell as heavyweight, SABIC, slipped slightly in sideways trading to SAR 98.75. Yansab dropped more than 1 percent to SAR 55.50, while Southern Province Cement fell over 2 percent to SAR 50.75.

Meanwhile, Yamamah Steel was the top decliner, down 4 percent to SAR 27.30 after the stock went ex-dividend yesterday. Nadec fell more than 3 percent to SAR 29.30.

On the gainers’ side, Al-Khodari rose 2 percent to SAR 11.25 after it reported a profit  SAR 17.4 million from the sale of equipment and machinery in its auction held May 16-18.

Maaden shares, which saw some profit taking mid-session, were bought back towards close. The stock closed slightly up at SAR 42.90. The miner has signed MoUs worth SAR 37 billion with the US-based Alcoa Corp and Mosaic to tap the potential of Saudi Arabia’s mining sector.

Almarai edged up to close at SAR 77.75, its highest close since listing.

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