Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) rose 0.68 percent or 59 points to finish Wednesday’s trading at 8,801.68 after trading between 8,714.99 and 8,802.92.
On year-to-date basis, it showed a yield of 3.12 percent only. All market cap indices ended in the safe area. Most of the major sectors closed in the green territory, accumulating an aggregate of 1,178 points.
Petrochemical Industries and Tourism were best performing sectors of the day, each advancing by 1.74 percent.
Telecommunication & Information Technology, on the other hand, posted the largest losses, turning down 3.93 percent to 2,029.61.
Top ten heavyweights except Kingdom holding finished to the upside, with market leader SABIC (Saudi Basic Industries Corp.) surging over two percent and Al-Rajhi Bank by 1.79 percent.
Al-Rajhi also led the activity charts, contributing a market share of 32.7 percent in terms of liquidity and 17.7 percent on volume basis. Interestingly, the bank volume went 15.2 times high over its 50-day average, liquidating 51.8 million shares.
Advancing stocks outnumbered decliners by a huge margin of 114 to 32 and the prices of 16 companies remained unchanged.
Malath Cooperative Insurance turned in a splendid performance among all Saudi stocks, marching higher by 6.47 percent. It has achieved an increment of 108 percent in one year. Malath is trading near four-year high, closing at SR39.29.
Alhokair Group was another key gainer and rose 5.3 percent for the day. The company volume was 140 percent greater than previous level.
Market activity was high, specifically SR9.95 billion were poured into the market.
Trading volume was impressive, with about 293 million shares changed hands in the market, a significant 23 percent growth over the previous level. Tadawul turnover also went high over the 50-day average, ranging from 25-to-30 percent.
TADAWUL: Petchem, Tourism stocks gain 1.74%
TADAWUL: Petchem, Tourism stocks gain 1.74%
Closing Bell: Saudi main index closes in green at 10,948
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 35.85 points, or 0.33 percent, to close at 10,948.28.
The total trading turnover of the benchmark index was SR4.71 billion ($1.25 billion), as 185 of the listed stocks advanced, while 71 retreated.
The MSCI Tadawul Index increased, up 2.60 points or 0.18 percent, to close at 1,470.16.
The Kingdom’s parallel market Nomu gained 9.84 points, or 0.04 percent, to close at 23,368.02. This comes as 33 of the listed stocks advanced, while 36 retreated.
The best-performing stock was Malath Cooperative Insurance Co., with its share price surging 10 percent to SR10.56.
Other top performers included Walaa Cooperative Insurance Co., which saw its share price rise by 10 percent to SR11.66, and United Cooperative Assurance Co., which saw a 10 percent increase to SR3.96.
On the downside, Nofoth Food Products Co. was the weakest performer of the day, with its shares falling 2.96 percent to SR9.50.
Saudi Industrial Export Co. saw its shares fall 2.7 percent to SR2.52, while Almasane Alkobra Mining Co. declined 2.3 percent to SR106.20.
