TASI gains 1% on hopes of oil deal

The Tadawul All Share Index (TASI) ended 1.1 percent higher at 5,802 on Wednesday—its third straight gain—amid expectations that Iran would join fellow OPEC producers in freezing output to curb price declines.

The oil markets rose in anticipation of a deal with Iran. Brent crude was last trading 2.7 percent up at $33.06, while WTI crude was up 2.8 percent to $29.61.  

On Tadawul, volumes came in around SAR 5.6 billion, with the advance/decline ratio was at 147/18.

All sectors finished in positive territory. Multi-investment and industrial stocks led the advance, rising between 3.8 and 4.4 percent, respectively. 

Petrochemicals added 1.7 percent as SABIC rose 1.1 percent to SAR 68.75. Among banks, Bank Albilad rose for the third day, up 1.5 percent to SAR 22.45.

Elsewhere, Halwani Bros. gained 3.5 percent to SAR 64.50. The food producer’s Egypt-based poultry plant is expected to start commercial operations this month.

SPIMACO rose 7.5 percent to SAR 28.20. The pharmaceutical and medical products company’s board proposed a dividend of SAR 1 for 2015 and approved setting up a new SAR 100 million company.

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