THE WRAP ยท TUE, NOV 10
10,168 โฒ 0.6%
Tadawul All Share Index (TASI)
Up about 61 points on Tuesday, a second straight gain and the highest close in about three weeks.
Banks rose 1.7%, the main driver, with Al Rajhi up 2.6%. Capital goods gained 3%, transport 2.7% and financial services 2.2%.
Energy fell 1.8% as Aramco slipped, after oil dropped almost 4% on Monday. Basic materials lost 0.7%.
Some 243 stocks rose and 36 fell. About 4.9 billion Riyal ($1.3 billion) changed hands, up from 4.3 billion Riyal on Monday.
โฒ WHY THEY GAINED
Steel pipe maker Aslak +9.97% ยท SR18.86
Hit the daily limit after reporting on Tuesday that third-quarter profit more than tripled to 8.8 million Riyal. Nine-month profit rose sixfold to 23.7 million Riyal on better margins, even as sales fell.
Homebuilder Retal +9.96% ยท SR7.51
Hit the daily limit with no company news on Tuesday. It has yet to report third-quarter results.
Insurer Mutakamela +9.5% ยท SR9.80
Reported on Tuesday a third-quarter profit of 12.6 million Riyal, up from 0.6 million a year earlier and a loss in the second quarter. It is still down 9.5 million Riyal for the nine months.
Textile and packaging maker Artex +8.4% ยท SR9.65
Rose even though it reported on Tuesday a third-quarter loss of 32.1 million Riyal, against a 13 million Riyal profit a year earlier. It gave no reason for the loss.
โผ WHY THEY LOST
Staffing firm Saudi Manpower Solutions (Smasco) โ5.2% ยท SR4.72
Third-quarter profit, reported on Monday, fell 12% from a year earlier to 35.6 million Riyal as gross profit dropped. Nine-month profit is still up 16%.
Hospital operator Al Hammadi โ2.6% ยท SR21.63
Third-quarter profit fell 13% to 45.2 million Riyal. It also declared a 2% cash dividend for the quarter on Tuesday.
Miner Maaden โ2.4% ยท SR57.00
Fell with no company news on Tuesday.
Oil giant Aramco โ1.9% ยท SR25.60
The most traded stock, with 437 million Riyal changing hands. Brent fell almost 4% on Monday on a disputed report that Iran had softened its Hormuz demands. Read the story.
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WHAT TO WATCH
Wednesday, Nov 11 is the deadline for listed companies to report third-quarter results, so expect more big single-stock moves.
Whether US-Iran talks move forward. Oil has swung sharply on reports about the talks, and Aramco with it.
Whether banks can keep the index above 10,100 for a third straight gain.
Data: Argaam.
