TASI edges lower; Mobily tanks on Q2 loss

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) on Monday closed 0.2 percent lower at 7,253 amid volumes of SAR 2.6 billion.

Etihad Etisalat (Mobily) plummeted 7 percent to SAR 18.74, its lowest in more than eight months.

Mobily on Sunday reported a Q2 net loss of SAR 189.7 million versus a net profit of SAR 3.2 million in the year-ago period. The loss was 24 percent more than the consensus estimate.

Elsewhere in the telecoms sector, Saudi Telecom also fell more than 1 percent to SAR 73.70.

Banks managed to end in positive territory thanks largely to Banque Saudi Fransi, which jumped 3 percent to SAR 31.25. The lender’s Q2 net profit was 4 percent lower year-on-year (YoY).

Bank Aljazira rose 1 percent to SAR 12.70. The bank’s net profit for the second quarter rose 23.6 percent YoY to SAR 220 million, well above expectations.

However, National Commercial Bank dropped 1 percent to SAR 49.80. The lender, which is the Kingdom’s biggest by assets, saw its Q2 net profit slip SAR 2.42 billion, below consensus estimates.

Elsewhere, United Electronics climbed 4 percent to SAR 42.30. The stock has seen a gradual rise this month since it reported a massive surge in profit.

Write to Brinda Darasha at brinda.d@argaamplus.com