The Saudi stock market continued its positive movement, marking another gain of 0.18 percent yesterday.
The Tadawul All-Share Index (TASI), which continued inching its way higher to end yesterday’s trading in the green at 7,179.8 points. It went 13 points below the level of opening bell earlier yesterday but subsequent trading sent the index up to accumulate more than 12.8 points for the entire session.
Small cap remained prominent among market cap indices, increasing nearly half percent for the day.
Sectoral performance was positive, as 11 out of the 15 sectors closed in the upward territory, accumulating an aggregate of 232 points.
Media and Publishing sector dominated the performance at Tadawul, advancing by 0.95 percent and closing at 3,052.35.
Telecommunication & Information Technology sector, on the other hand, recorded the biggest losses, going down by 0.8 percent. Saudi Mobile Telecommunications (Zain) suffered worst of all equities, showing a reduction of 4.9 percent. But the company with trades over 45.4 million shares worth SR 404.9 million topped the volume and value charts, capturing roughly 19 percent of the overall market volume.
An adequate volume (240.8 million shares) was liquidated at Tadawul, an increase of 17 percent from the 50-day average level.
Only Northern Region Cement showed a positive change among most active stocks, rising over two percent and closing at SR20.1.
SABB outdid rest of its heavyweight peers, advancing 1.13 percent for the day.
The market breadth with advance-decline ratio of 1.1:1 remained slightly favorable.
Taiba Holding Co. (+5.1 percent) and Makkah Construction & Development Co. (+3.6 percent) showing notable gains became the top performers among all Saudi stocks.
Media sector dominates market performance
Media sector dominates market performance
Closing Bell: Saudi main market edges up to close at 10,590
RIYADH: Saudi equities closed narrowly higher on Monday, with the Tadawul All Share Index edging up 0.01 percent, or 1.34 points, to finish at 10,590.17.
Trading activity remained moderate, with 151.1 million shares changing hands and a total turnover of SR3.14 billion ($837.4 million).
Market breadth was slightly positive, as 130 stocks advanced while 118 declined, reflecting a cautious tone among investors.
The MT30 Index, which tracks the largest and most liquid stocks, slipped 0.14 percent to 1,391.34, while the Nomu Parallel Market Index eased marginally by 0.01 percent to close at 23,716.41.
On the movers’ board, Saudi Industrial Development Co. led the gainers, jumping 6.91 percent to SR12.38, followed by Raydan Food Co. which climbed 5.42 percent to SR26.46.
Obeikan Glass Co. advanced 4.48 percent to SR26.12, while Saudi Real Estate Co. and Advanced Building Industries Co. rose 4.42 percent and 4.29 percent, respectively.
On the downside, Nama Chemicals Co. topped the losers, falling 5.09 percent to SR22.19.
Shatirah House Restaurant Co. declined 4.02 percent to SR15.50, while Saudi Cable Co. dropped 3.29 percent to SR129.50.
Al-Jouf Agricultural Development Co. and CHUBB Arabia Cooperative Insurance Co. also ended the session lower, shedding 2.60 percent and 2.50 percent, respectively.
On the announcement front, SAL Saudi Logistics Services Co. said it signed an agreement with Syrian Airlines to provide integrated ground handling solutions for air cargo, covering services such as cargo handling and storage for flights operating in the Kingdom.
The agreement is yearly renewable and is expected to have a positive financial impact over its duration. SAL’s shares closed at SR166.5, up SR1, or 0.6 percent, by the end of the session.
Meanwhile, Thamaa Advertising, Public Relations and Marketing Co. announced a decrease in accumulated losses to 16.82 percent of capital following the completion of its capital reduction process, which resulted in the write-off of accumulated losses and the removal of the company from the regulatory scope applicable to firms with losses exceeding 20 percent of capital.
TAPRCO ended the session at SR17.1, gaining SR0.01, or 0.06 percent.
