Saudi Arabian Real Estate sector on the rise
The Tadawul All-Share Index (TASI) reflecting typical trough-peak combination continued inching its way higher to end yesterday’s trading in the green at 7,744.16 points, up 53.78 points or 0.70 percent from the previous level.
TASI also logged a healthy YTD return of 13.86 percent.
All market cap indices closed the day higher.
Most of the major sectors closed in the upward territory, accumulating an aggregate of 667 points.
Real Estate Development outdid rest of the sectors, surging over 145 points or 3.12 percent to close at 4,808.36. Agriculture &Food Industries sector followed it, advancing 1.73 percent and crossing 8,000-mark.
Only Industrial Investment and Insurance sectors finished to the downside, shedding ten points roughly.
Six out of top ten heavy weights closed higher from previous day's levels, with market leader SABIC (Saudi Basic Industries Corp.) growing 1.31 percent and Samba Financial Group nearly one percent.
The advancers easily outnumbered declining stocks on the Tadawul; as for 56 percent stocks that gained, 29 percent ended lower and 15 percent remained unchanged.
Jabal Omar Development Company made the biggest jump among all Saudi equities, soaring up 6.8 percent to close the day at SR33. The company with a liquidity of SR 658.8 million also topped the value chart, reflecting a relative market share of 15.1 percent.
Share trading activity was high as compared to previous day, specifically SR 4.4 billion were poured into the market. Trading volume was improving, with about 162.6 million shares changed hands in the market, a growth of 29.8 percent over the previous level.
The 50-day average for trading volume is closer to 234.7 million shares.