Traders at Alawwal Bank in Riyadh
Traders at Alawwal Bank in Riyadh. Saudi Arabia’s Tadawul index saw thin trade yesterday, with banking and petrochemical stocks mixed. Image Credit: Bloomberg

Riyadh: Saudi Arabia’s stock market moved sideways early on Tuesday in very thin trade, with the banking and petrochemical sectors narrowly mixed.

The index, which ended last year 8.3 per cent higher, was down 0.1 per cent in the first 75 minutes with Banque Saudi Fransi flat and Yanbu National Petrochemicals slipping 0.6 per cent.

Gulf Union Cooperative Insurance jumped 3.8 per cent after the Capital Market Authority approved its request for a capital increase to 241.9 million riyals to acquire Al-Ahlia Insurance.

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Dairy firm Almarai decreased 0.2 per cent after saying it sold all its shares in United Farmers Holding to Saudi Agricultural and Livestock Investment Co for $28 million (Dh102.8 million).

1%

gain for Southern Province Cement Co after export contract

But Gulf Union Cooperative Insurance jumped 3.8 per cent after the Capital Market Authority approved its request for a capital increase to 241.9 million riyals ($64.5 million) from 150 million riyals to acquire Al-Ahlia Insurance Co, which surged 6.4 per cent.

Southern Province Cement Co gained 1 per cent after it signed a contract to export 1.5 million tonnes of clinker to Bangladesh.

0.2%

decrease in index for dairy firm Almarai after share sale

Other major Middle Eastern stock markets were closed for New Year holidays on Tuesday.