JEDDAH – Saudi Arabia’s domestic-driven stocks rose, but trade was muted, with investors wary of committing more cash to the market before Eid Al-Adha, a Muslim holiday in early November.
The stock benchmark Tadawul All Share Index increased 0.45 percent to close at 6,136.40 points Sunday.
The insurance index rose 1.7 percent and agriculture and food stocks climbed 0.1 percent.
Petrochemical stocks were mixed, with the index flat.
Saudi Arabian Mining Co. (Ma’aden) advanced to the highest level in three weeks, rising 1.6 percent to SR25.2.
SMN Power Holding SAOG (jumped 3.1 percent to SR3.63 on the first day of trading of the venture between International Power Plc, Mubadala Development Co. and Oman’s National Trading Co. SMN Power’s initial public offering raised SR24.6 million after attracting bids worth SR40.9 million ($106 million).
“The flow of liquidity has been stable over the last two weeks,” said Tarek Al-Madi, an independent Riyadh-based financial analyst.
“Portfolios have been changing their positions according to the new results of Q3.”
Petrochemical giant SABIC ended up 1.08 percent at SR94.00. Solidarity Saudi Takaful Co. lost the most (off seven percent at SR23.80). Shares of Knowledge Economic City jumped 10 percent, closing at SR7.70.
“Leading stocks are not getting as much liquidity as before,” Madi said, with small-cap stocks’ third-quarter earnings attracting traders. – SG/Agencies