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Saudi bourse up 0.3% backed by SABIC; banking shrugs off NCB

Saudi bourse up 0.3% backed by SABIC; banking shrugs off NCB
The Saudi Stock Exchange (Tadawul) closed Thursday’s session in the green territory, ending a period of tracing global markets and crude prices.
The local market trimmed its gains during the day following the news about possible talks between Iran the Saudi Arabia over the latter’s share in crude market.
The benchmark index TASI rose 0.27% or 25.05 points to close at 9408.83 points, compared with 9383.79 points on Wednesday. Thus, the index extended its rally to the third successive day after shutting in red for five successive sessions.
The market fluctuated during the session in a range of 52.36 points, compared with 97 points yesterday.
Iran's oil minister said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week in Vienna, as Tehran plans for the possible end of sanctions and unfettered crude exports.
Ten sectors moved higher topped by multi-investment (+1.78%) after its constituent stocks rose including Kingdom Holding (+2.17%). Insurance came second (+1.58%) backed by Tawuniya (+5.24%) and Medgulf (+2.94%), while Bupa Arabia drifted 1.37% lower.
Petrochemical industries also rose 0.48% after the sector’s largest stock SABIC gained 0.62%.
Meanwhile, five other sectors moved lower led by hotel & tourism (-1.03%), followed by telecommunications (-0.62%) that was pressured by all of its stocks mainly Mobily (-0.85%).
The banks & financial services also went down 0.07%. NCB rose 0.46% while Al Rajhi Bank fell 0.40%. Three other banking stocks shut in red including Saudi Hollandi (-1.64%). 92 stocks headed north (56.8% of traded stocks), compared with 81 stocks yesterday, while 60 others headed south (37% of traded stocks) compared with 63 stocks. Ten stocks remained unchanged.
(written by Mohamed Abu Meleeh; translated by Sayed Abdel Rahman)