Saudi stocks continue upward trend for second week
Saudi stock market continued its positive movement for the second consecutive week, marking another gain of 0.56 percent.
The Tadawul All-Share Index (TASI) ended the week in the green at 7,404.12 points, up nearly 41 points, from its previous weekend close at 7,363.13 points.
It went 57 points above and 64 points below the break-even line during the week.
On year-to-date basis, the index showed a collection of nearly 602.9 points or 8.86 percent.
Total market capitalization of Saudi stock exchange increased further (+0.86 percent) to SR1.49 trillion. Small cap with 1.2 percent upward jump remained prominent among market cap indices.
Eleven out of Tadawul’s 15 sectors closed up from previous week’s level, accumulating an aggregate of 1,088 points.
Agriculture & Food Industries made the biggest weekly jump among sectoral indices, advancing 244 points or 3.22 percent to 7,814.66. Retail sector followed it, moving up by 3.16 percent in a week.
On the other hand, Insurance sector has been showing a volatile performance for the previous three weeks, flip-flopping in the top and worst positions consecutively. Again it suffered worst of all sector, going down by 2.25 percent.
SABB, Kingdom Holding and Samba Financial Group remained at top among big players, surging by 8.0 percent, 5.93 percent and 5.01 percent respectively.
Weekly market breadth remained a little unfavorable, with 71 issues witnessing advances against 82 issues recording declines.
Tabouk Cement and Jazan Development Co. were top gainers of the week, marching higher by 13.1 percent and 8.87 percent respectively.
Investors continued to flow an optimal level of turnover; specifically, 1.1 billion shares worth SR 27.4 billion changed hands on the Saudi stock market last week. Furthermore, upside-downside volume ratio of 1.14:1 remained positive.
Dar Al-Arkan Real Estate with a volume of 116.1 million shares secured its most active status, reflecting a relative market share of 10.5 percent.
While, SABIC with a liquidity of SR 1.6 billion topped the value chart, closing at SR 93.25.
All major benchmark indices at GCC stock markets ended the week in green, with Kuwait Stock Exchange rose 2.96 percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,410.93 points level, adding 53.43 points or 1.23 percent for the entire week.