Saudi Real Estate sector surges 3.73%
The Saudi stock market turned green yesterday, recovering half percent from the biggest dip of previous day.
Saudi Arabia’s benchmark stock index (TASI) dug in at 7,330.48 and ended its yesterday’s trading up over 36 points. It went 67.6 points above and 26 points below the break-even line during the day.
On an YTD basis, TASI registered a positive return of 7.78 percent.
All market cap indices ended the day in the safe area, with Micro cap increasing by 1.2 percent.
Most of the sector indices showed modest gains, accumulating an aggregate of 625 points.
Real Estate Development switched its position from worst performing sector of previous day to the top performer of the day, surging by 3.73 percent and closing at 4,384.02. Tourism and Telecom sectors followed it, advancing 2.28 percent and 1.77 percent respectively.
Only five sectors including Retail (-0.55 percent) — the biggest decliner of the day — ended in red, trimming an aggregate of 96.2 points.
Etihad Etisalat Co. (Mobily) and Kingdom Holding came out as significant players among heavyweights, offsetting their performance by 2.2 percent positive-negative change.
Market breadth was positive, whereby 104 symbols closed in green and 43 closed in red, while 9 remained unchanged.
Makkah Construction & Development Co. and Tourism Enterprises topped the performance chart at Tadawul, soaring up 8.8 percent and 7.6 percent respectively.
A good amount of volume roughly 341 million shares was liquidated at Tadawul, a decrease of 27.2 percent from the previous level but still it was 35.7 percent greater than 50-day average of 251.4 million shares.
Dar Al-Arkan Real Estate topped the volume chart, liquidating 65.3 million shares and capturing roughly 19 percent of the overall market volume.
- The reality of realty: inbound property investments in GCC 'far less' than outbound
- Dubai's hospitality sector is a sound investment
- Quiet and wise: How Oman is transforming itself into a major logistics hub
- Revealed: the top real estate tycoons in the ME
- Why did no one invest in the Suez Canal during the Economic Summit?