JEDDAH — The Saudi stock market continued its upward momentum for an eighth straight trading day yesterday. The Tadawul All-Share Index (TASI) closed at 208.96 points or over 2 percent higher at 10,336.06.
The banking index gained 2.18 percent to 27,095.46 as shares of all companies increased yesterday. Banque Saudi Fransi shares jumped by 5 percent to SR94.50, Al-Rajhi Bank by 4.58 percent to 114 and Arab National Bank by 3.50 percent.
Shares of the Saudi Basic Industries Corp. (SABIC) closed yesterday at SR183.
In the telecom sector, shares of the Saudi Telecom Co. (STC) increased by 3.05 percent to SR76 and Etihad Etisalat (Mobily) by 1.11 percent to SR68 yesterday. In the insurance sector, shares of Tawuniya (formerly the National Company for Cooperative Insurance), Allianz SF, SABB Takaful and Alahli Takaful Co. fell while all other shares were in positive territory yesterday.
The value of traded shares reached SR12.59 billion yesterday compared to SR51.89 billion last week.
BMG Saudi Index Edges Higher
The BMG Saudi Index started the week on a positive note, adding 12.31 points to 562.4 points yesterday, up by 2.2 percent. The rise in the index also saw the market witness an increase in turnover of 7.3 percent, which amounted to SR5.9 billion ($1.6 billion), compared to SR5.5 billion ($1.5 billion) registered in Wednesday’s session.
As for the performance of the sectors, all the sectors added additional points to their previous closing levels, with the electricity sector in the lead with a 6.9 percent increase. The banking and telecommunications sectors moved up by 4.5 percent and 3.1 percent, respectively, and the closing levels of the services, insurance, agriculture, and the industrial sectors also appreciated by 2.3 percent, 2.0 percent, 1.6 percent and 0.8 percent, respectively.
Only one share saw a decrease in its price, while 27 shares rose. SABB Takaful registered as the worst performer, with a decline in its price of 2.4 percent to SR111.0 per share. The best performer was Saudi Electricity Co., leaping ahead by 6.90 percent to SR15.50 per share.
