Saudi Gazette report

RIYADH — Tadawul All Share Index (TASI), the Saudi main stock index, jumped 0.4 percent, crossing 12,000 points, after a decline that continued since the first day of August, supported by a strong performance from the banking sector.

The Saudi benchmark index ended Monday’s session, closing at 12,023 points, 42 points higher than the previous day’s close, with total trading valued at about SR8 billion ($2.13 billion). Al Rajhi Bank’s share rose one percent to SR84.20, amid trading of about 7.5 million shares and a value exceeding SR600 million.

The shares of Cenomi Retail rose 2 percent to SR11.20, after the company announced this morning that it was in negotiations with a major retail company for a potential deal. The shares have continued to rise since the beginning of this month, with the percentage of increases reaching 40 percent in two weeks. Red Sea and Buruj Insurance were the top gainers, with their shares led the rise on Monday by 10 percent, to reach SR32 and SR22, respectively.

As for the Middle East Paper Company (MEPCO), ITS shares continued to record gains, reaching SR 40.25, up 2 percent, after the company announced on Sunday its intention to invest in a new tissue paper production line project, at a total cost of SR354 million.

Riyadh Cement stock was the biggest loser, down 4.3 percent to SR25.60, after the end of cash dividends entitlement, followed by Tawuniya Insurance Company stock, down 2 percent to SR165.40.