Tadawul index edges higher

The Tadawul All-Share Index (TASI) edged higher 0.25 percent to 6,961.34 points on the back of reasonable performance by Transport sector. The TASI touched a peak of 6,967.8 earlier yesterday, showing narrow fluctuation (24 points) above the break-even line ended green. Its year-to-date gains improved to 8.47 percent. Most of the major sectors closed in the green territory; Transport sector remained at top showing an increment of 80 points or 1.8 percent for the day. Only four sectors ended in red, paring 80 points collectively. Media and Publishing sector became the biggest loser of the day, declining by 1.03 percent. The market breadth was in favor of the bulls as out of 154 stocks only 48 were able to close lower. Five out of top 10 heavy weight stocks closed in the upward territory. Samba Financial Group and Etihad Etisalat Co. (Mobily) performed well relatively, achieving a daily growth of 0.63 percent and 0.37 percent respectively. Only Saudi Arabia Fertilizers Co. (SAFCO) and Saudi Telecom Co. closed lower, trimming 0.93 percent and 0.26 percent respectively. While, three heavyweights including Saudi Basic Industries Corporation (SABIC) ended without any change. Insurance companies led the top gainer and loser charts, with Arabian Shield Cooperative Insurance and Allied Insurance Group, offsetting their performance by a maximum of 10 percent positive-negative change.