Saudi stock continues upward momentum

The Saudi stock market continued its upward march and rose for a fifth session yesterday. The Tadawul All-Share Index (TASI) closed higher at 7,472.14 points. It added further 36.95 points or half percent and spiked above the previous closing at 7,435.19 levels. While curving in the upward territory throughout the day it rose to a maximum gain of 42 points. On year-to-date basis, the TASI’s yield reached near ten percent. Eight out of Tadawul’s 15 sectors finished to the upside, accumulating an aggregate of 321 points. Insurance outperformed among the sectoral indices, advancing 1.41 percent for the day. Banks & Financial Services added considerable 172 points, up more than one percent to close near 16,000-mark. On the other hand, seven sectors ended in red, trimming an aggregate of 95.8 points. Industrial Investment sector was a significant decliner, shedding 0.64 percent for the day. Most of heavyweights extended gains, with Riyad Bank outdid rest of its peers, advancing more than two percent to SR 24.75. Market breadth was strong for the day as 86 stocks witnessing advances and other 52 stocks marking a decline. Al Alamiya for Cooperative Insurance and Wataniya Insurance Company topped the performance chart at Tadawul, soaring up 9.92 percent and 9.84 percent respectively. Share trading activity remained high as compared to previous day; turnover went up by 35.1 percent in terms of volume and 30.2 percent in terms of value. Roughly 336.4 million shares worth SR 7.0 billion were poured into the market. Most active stocks also ended in green, with Atheeb Telecom surging by 5.15 percent, Dar Alarkan Real Estate 2.11 percent and Alinma Bank 1.43 percent. Alinma appeared to be the most active stock of the day, liquidating 48.9 million shares, which equates 14.5 percent of overall market volume. The value of these shares totaled SR 695.2 million, a relative market share of 9.8 percent.