TASI opens higher, Zain Saudi extends gains

Saudi Arabia’s Tadawul All Share Index (TASI) rose 0.7 percent to 6,442 on Sunday within minutes of opening. Banks and petrochemicals advanced.

Zain Saudi jumped over 3 percent to SAR 8.20. The telco stock has gained since reports emerged last week that the company has moved closer to selling its 7,000 towers.

Saudi Telecom Co. (STC) has blamed two construction contractors for the disruption of its mobile phone and DSL services in Tabuk and Hail.

Al Reef Sugar Refinery Co., which is 15 percent owned by Al Abdullatif Industrial Investment, has received the fuel allocation from the petroleum ministry and is set to begin construction of its SAR 1.2 billion Jizan refinery.

Alinma Tokio Marine Co. (ATMC) has renewed an insurance agreement with Alinma Bank worth a total of SAR 499,892.

Southern Province Cement Co.’s shareholders approved a 35 percent cash dividend at SAR 3.5 per share for the second half of 2015.

Sanad Cooperative Insurance Co. has received a letter from the Saudi Arabian Monetary Agency (SAMA) granting a deadline extension to file for a capital increase.

The Saudi Council of Cooperative Health Insurance has suspended Solidarity Saudi Takaful Co. from issuing new health insurance policies due to some irregularities. The insurer is working to resolve the issue with the council.

Oil and equity markets

Oil prices closed lower on Friday, with global benchmark Brent crude down 0.82 percent; however, it remained above $41 per barrel (bbl). WTI crude ended the week down 1.9 percent at $39.44/bbl.

In the US, most equity markets ended last week with gains. The Dow Jones Industrial Average closed 0.69 percent higher, while Nasdaq gained 0.43 percent. Europe’s Euro Stoxx 50 index was up 0.55 percent to 3,060 points.

China’s Shanghai composite index ended Friday's session with a 1.72 percent gain and Hong Kong’s Hang Seng index climbed 0.82 percent. Japan’s Nikkei was down 1.25 percent to 16,725 points.