Bloomberg, Reuters/Riyadh
Saudi Arabian stocks added 0.1% to 7,041.58 by the close in Riyadh yesterday, boosted by banks and petrochemical companies.
The Tadawul All Share Index reached the highest level since February 18, with Al Rajhi Bank, the kingdom’s biggest lender by market value, gaining 0.7% to 68 riyals, the highest gain in more than a month, and Bank Al-Jazira advancing 4% to 28.9 riyals, the biggest gain in six weeks. Northern Region Cement Co, the building material producer, climbed 9.7% to 23.7 riyals, the highest since February 10.
The Saudi stock exchange has been moving in a “horizontal direction” for several weeks as “there aren’t any substantial changes in the market,” Turki Fadaak, head of research and consultancy at Albilad Investment Co, wrote in an e-mail.
“The market is anticipating any signs that indicate an increase in the demand for petrochemicals globally, which will reflect on the performance of the petrochemical sector as the shares have reached the highest prices in three years,” Fadaak said.
Separately, Kingdom Holding Co, the international investment firm of Saudi billionaire Prince Alwaleed bin Talal will pay dividends worth 550.3mn riyals ($146.75mn) this year, in quarterly instalments, the company said yesterday.
Kingdom Holding will “distribute quarterly cash dividends from retained earnings of 1.25% (5% for the full year) of the shares’ nominal value, by distributing 12.5 halalas per share quarterly (the total for the year is 0.50 per share) for a total of 137.6mn riyals as quarterly cash dividends totalling to 550.3mn Riyals for the year” Kingdom said in a statement.
The firm made a net profit of 209.6mn riyals ($55.9mn) in the fourth quarter, compared with 187.8mn riyals in the same period a year earlier.
