Saudi real estate sector stays in limelight
The Saudi stock market recorded nominal gains yesterday, as the Tadawul All-Share Index (TASI) closed higher to 7,527.36, adding nearly a single point or 0.01 percent for the entire day.
After falling over ninety points earlier yesterday the index bottomed out at 7,435.98 points level and started to rise again and finally crossed the break-even line.
Among market cap indices only Large cap went slightly downward. Sectoral performance was positive, as 11 out of the Tadawul's fifteen sectors finished to the upside, accumulating an aggregate of 210.4 points.
Real Estate outdid rest of the sectors, advancing 1.8 percent to close at 4,688.55. Building & Construction followed it, increasing by 0.71 percent.
Petrochemical Industries sector, on the other hand, posted the largest losses, falling 0.83 percent to 6,065.34.
Samba Financial Group and market leader SABIC (Saudi Basic Industries Corp.) came out as significant players among heavyweights, offsetting their performance by one percent positive-negative change.
Advancers outnumbered the declining stocks by a margin of 71 to 57 and the prices of 28 companies remained unchanged.
Gulf Union Cooperative Insurance and Allianz Saudi Fransi Cooperative Insurance made the biggest jumps among all Saudi equities, marching higher by 9.8 percent and 8.8 percent respectively.
On the contrary, Wafa Insurance switched its position from top gainer of previous couple of days to the biggest loser of the day, down 9.95 percent.
Market activity remained a little high as compared to previous day; turnover went up by 21.8 percent on volume basis and 10.5 percent in terms of liquidity.
Roughly 272 million shares worth SR 6.2 billion changed hands on the Saudi stock market. The 50-day average for trading volume is closer to 252 million shares.
Dar Alarkan Real Estate and Saudi Mobile Telecommunications Co. (ZAIN) showed the best performance among most active stocks, surging over three percent and capturing more than 32 percent market volume jointly.