Insurance sends Saudi stocks higher

JEDDAH – Saudi Arabia equities were higher at the close on Sunday, as gains in the Insurance, Cement and Retail sectors propelled shares higher. At the close, the stock benchmark Tadawul All Share Index added 0.52% to hit a new 6-month high valued at 7,130.34. The biggest gainers of the session on the Tadawul All Share were Saudi United Cooperative Insurance, which rose 10.03% or 1.80 points to trade at 19.75 at the close. Saudi Chemical Company added 7.43% or 2.80 points to end at 40.50 and Trade Union Cooperative Insurance was up 5.69% or 0.80 points to 14.85 in late trade. Biggest losers included Ash-Sharqiyah Development Company, which lost 3.49% or 1.60 points to trade at 44.30 in late trade. National Medical Care Company declined 1.87% or 1.25 points to end at 65.50 and Saudi Arabia Refineries Co. shed 1.73% or 0.70 points to 39.80. Advancing stocks outnumbered falling ones by 112 to 40 and 17 ended unchanged on the Saudi Arabia Stock Exchange. In commodities trading, Crude oil for January delivery was up 1.23% or 0.63 to $51.69 a barrel. Meanwhile, Brent oil for delivery in February rose 0.91% or 0.49 to hit $54.43 a barrel, while the February Gold contract rose 0.82% or 9.60 to trade at $1179.00 a troy ounce. EUR/SAR was up 0.10% to 4.0025, while USD/SAR rose 0.06% to 3.7536. The US Dollar Index was down 0.27% at 100.75.