JEDDAH — Saudi Arabia stocks were higher after the close on Monday, as gains in the Transport, Insurance and Agriculture & Food sectors led shares higher. At the close, the stock benchmark Tadawul All Share Index added 0.05%. The best performers of the session on TASI were Saudi Arabian Cooperative Insurance, which rose 9.62% or 2.30 points to trade at 26.20 at the close. Meanwhile, Malath Cooperative Insurance Co added 5.76% or 1.89 points to end at 34.70 and SABB Takaful was up 5.72% or 2.49 points to 46.00 in late trade. The worst performers of the session were Trade Union Cooperative Insurance, which fell 2.19% or 0.91 points to trade at 40.60 at the close. Banque Saudi Fransi declined 2.03% or 0.80 points to end at 38.60 and Al Sorayai Trading & Industrial Group was down 2.00% or 0.42 points to 20.55. Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 90 to 75. Shares in Saudi Arabian Cooperative Insurance rose to 3-years lows; rising 9.62% or 2.30 to 26.20. OPEC output at record high OPEC oil supply in May climbed further to its highest in more than two years as increasing Angolan exports and record or near-record output from Saudi Arabia and Iraq outweighed outages in smaller producers, a Reuters survey showed. The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 million barrels per day (bpd), underlining the focus of top exporter Saudi Arabia and other key members on market share. OPEC supply rose in May to 31.22 million bpd from a revised 31.16 million bpd in April, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants. — SG/Agencies
