Saudi stocks close higher; oil prices rise

05/04/2017 06:11 AST

Saudi Arabia stocks were higher after the close on Tuesday, as gains in the Telecoms & IT, Building & Construction and Cement sectors led shares higher.

At the close, the stock benchmark Tadawul All Share Index gained 0.26%. The best performers of the session on the Tadawul All Share were Makkah Construction&Development Co, which rose 4.64% or 5.00 points to trade at 112.75 at the close. Meanwhile, National Agriculture Development Co added 3.99% or 1.10 points to end at 28.70 and Taiba Holding Co. was up 3.44% or 1.50 points to 45.10 in late trade.

The worst performers of the session were AlJazira Mawten REIT, which fell 2.92% or 0.65 points to trade at 21.60 at the close. Southern Province Cement Co. declined 2.05% or 1.25 points to end at 59.75 and Electrical Industries Co was down 1.98% or 0.50 points to 24.70.

Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 77 to 70 and 30 ended unchanged.

Shares in Makkah Construction & Development Co rose to 52-week highs; up 4.64% or 5.00 to 112.75. Shares in Taiba Holding Co. rose to 52-week highs; up 3.44% or 1.50 to 45.10.

Meanwhile, oil prices rose on Tuesday as expectations of a drawdown in US crude and product inventories outweighed news of higher Libyan production.

Benchmark Brent crude oil was up 40 cents at $53.52 a barrel by 1310 GMT. US light crude was 25 cents higher at $50.49 a barrel.

Both benchmarks recovered from four-month lows last week on expectations that the Organization of the Petroleum Exporting Countries would manage to tighten supply by cutting production under a deal agreed at the end of last year.

Demand is picking up ahead of summer in key markets, including the United States, the world›s biggest oil consumer, where analysts forecast industry data this week will show a decline in oil inventories.

US crude stocks probably declined last week after rising for two consecutive weeks, and refined product inventories were also expected to have fallen, a Reuters survey showed.

The American Petroleum Institute reports inventory data at 4:30 p.m. EDT (2030 GMT) on Tuesday, while the US government›s Energy Information Administration will announce official stock figures on Wednesday at 10:30 a.m. EDT (1430 GMT).

Saudi Gazette