Three Saudi Stocks Hit 52-Week Highs on Tadawul

Three stocks on Saudi Arabia's Tadawul exchange touched their highest levels in a year Thursday, July 13, data compiled by Argaam showed.

Saudi National Bank, the kingdom's largest lender by assets, was among the gainers. The stock rose 1.2% to 57.4 riyals. Al Rajhi Bank, the second-biggest Islamic bank by market value, added 0.8% to 82.1 riyals. Saudi Basic Industries Corp., or SABIC, the petrochemicals giant, climbed 0.6% to 110.2 riyals.

The moves came as Tadawul's benchmark index, the TASI, advanced 0.4% to 11,543 points, extending its rally for a third consecutive session. Trading volumes were 20% above the 30-day average, exchange data showed.

Al Rajhi Bank's gain followed a rating upgrade by Fitch Ratings earlier this week, which cited strong capital buffers and improving asset quality. SABIC's rise tracked a recovery in global chemical prices, with the Asia naphtha benchmark up 2% this week.

Saudi National Bank did not report any company-specific news. The stock has gained 14% this year, outpacing the index's 9% rise.