The Tadawul All Share Index (Tasi) closed again almost flat at 5,775.73 points as investors do not expect major impulses with the earning season for the second quarter coming to an end. Insurers SABB Takaful, which is part of HSBC Group, and Saqr Insurance outperformed the market as they do constantly this year, closing 9.74% and 5.71% higher at SR38.30 and SR73.75, respectively. Saudi Hollandi Bank, partly owned by Dutch universal bank ABN Amro, still suffered from reporting lower profits last week, ending at SR34.80 (off 3.06). The Tasi advance-decline ratio stood at 53 to 57 after the closing bell.
SABIC contributes to national development
The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18.