Saudi Banks & Financial Services in 1.81% surge
It turned out to be largely positive for investors yesterday, as Saudi Arabia’s benchmark stock index (TASI) recorded a handsome gain of 0.90 percent, closing at 7,863.83.
The index performed within a trading range of 85.8 points, adding 69.85 points for the entire day. On a year-to-date basis, it crossed a positive return over 15.6 percent. The market cap indices all closed the session up, with Med cap advancing 1.15 percent.
All sectors extended gains except Tourism and Multi-Investment, which pared 133 points jointly. Remaining 13 sectors showed a collection of 656.3 points for the day.
Banks & Financial Services made the biggest jump among sectoral indices, accumulating over three hundred points or 1.81 percent to close the session at 17,336.57. Transport and Real Estate were other significant advancers, gaining more than one percent.
Most of heavyweights closed in the upward territory, with Al-Rajhi Bank outdid rest of its peers, advancing 1.68 percent to SR 75.5.
Market breadth was positive, whereby 73 symbols closed in green and 58 closed in red, while 26 remained unchanged.
Bank Albilad showed the best performance among all Saudi stocks, marching higher by 9.92 percent and closing at SR 28.8. New player Aljazira Takaful Taawuni Company also continued its upward march for the eighth straight day, surging further by 9.79 percent.
Market activity was high; specifically 289 million shares worth SR 5.8 billion were transacted at Tadawul. This turnover reflects an increase of 56.6 percent on volume basis and 30.7 percent in terms of liquidity.
Most of the trading was concentrated in Saudi Mobile Telecom-munications Co. (Zain) and Emaar the Economic City, which collectively liquidated nearly 40 percent of the Tadawul's total volume. Emaar also remained key gainer among most active stocks, surging 5.44 percent for the day.
- A misnomer: Gulf states embark on ambitious investment spree in the 'hopeless continent'
- Not much choice: Along with Syrian businessmen, Lebanon's private sector migrates to Dubai
- What's going on with MENA debt capital markets?
- Rachel Corrie vs. Arab Bank: hypocrisy and injustice in the US' legal system
- Iraqi Kurdistan seeks investor funds amidst independence 'grey area'