Investors show positive sentiments

The Saudi Stock Market showed impressive gains yesterday, “perhaps positive sentiments from other international equity markets spirited Saudi investors to bolster the market up,” Basil Kabbani of Zughaibi & Kabbani Financial Consultants, said. However, Tadawul All-Share Index (TASI) while reflecting a chain of spikes, making typical trough-peak combination continued marching its way higher to close in the green at 6,767.81 points. The index advanced over 101.01 points or 1.52 percent for the entire day, expanding the trading range to 122 points. Investors made a comeback at Saudi stock market yesterday as Tadawul total volume set sold about 310 million shares (More than half greater than previous level). A considerable amount of liquidity SR6.6 billion flowed into the market, an increase of 44 percent from previous day's SR4.6 billion. All sectors closed in the upward territory, reflecting a collection of 973 points. The Insurance and Petrochemical sectors were major gainers, which marginally increased by 4 percent and 3 percent respectively. There were 127 net advancing issues, a largely strong market breadth. The market leader SABIC (Saudi Basic Industries Corp.) and Saudi Arabia Fertilizers Co. (SAFCO) remained at top among big players, surging by 4.05 percent and 2.74 percent respectively. Walaa Insurance and Saudi Integrated Telecom (ALMUTAKAMELA) shares prices rallied to a maximum of 10 percent growth, clinching the spot as top gainers among Saudi stocks.