Saudi stock market gains 93 points led by rekindled investor spirit: Closing bell

Saudi stock market gains 93 points led by rekindled investor spirit: Closing bell

RIYADH: Saudi Arabia’s Tadawul All Stock Index on Tuesday made a startling comeback after touching a low of 10,055.56 at 11:13 a.m. to close 93.97 points up — or 0.92 percent — to 10,280.15, led by buying in almost all sectors. The materials and utility sectors ushered the rally, which gained 2.29 percent and 1.1 percent, respectively. The capital goods and banking sectors also evinced interest among investors as the indices rose by 1.10 percent and 1.09 percent, respectively. “Within the banking sector, gains in larger banks such as Al Rajhi Bank and Alinma Bank more than offset declines in 7 out of 11 banking stocks on the exchange,” Junaid Ansari, head of investment strategy and research at Kamco Invest, told Arab News. While Al Rajhi Bank increased 3.7 percent to close at SR75.70 ($20.13), Alinma Bank gained 1.73 percent to end at SR32.30. “Performance in the materials sector was also mixed but the gains in large-cap names like SABIC Agri-Nutrients and SABIC more than offset the declines,” added Ansari. SABIC Agri-Nutrients Co. on Monday declared an 80 percent cash dividend or SR8 per share, for the second half of 2022, doling out SR3.8 billion. With this payout, the company’s