Tadawul prolongs upside rally

11/08/2014 21:05 AST

Saudi stock market recorded its eleventh consecutive gain on Monday, keeping the upward momentum in moderate participation.

The Tadawul All-Share Index (TASI) rose 0.16 percent to finish at 10,596.55 after trading between 10,547.21 and 10,603.3. TASI also logged a healthy YTD return of 24.15 percent.

Most of the major sectors closed in the green territory, accumulating an aggregate of 353 points. Cement and Real Estate Development were major gainers among sectoral indices, which marginally increased by 1.18 percent and 1.09 percent respectively.

Three Cement stocks including Al Jouf Cement hit an all-time high on Monday. Saudi Cement Co. volume went 5.1 times high over its 50-day average, liquidating 7.3 million shares to SR113.89.

Share price of Jabal Omar Development Co. also climbed to an all-time high, showing a positive change of 2.1 percent to SR54.28.

Heavy weights closed in mixed fashion, where Saudi Arabia Fertilizers Co. (SAFCO) grew 0.26 percent and Kingdom Holding fell 1.29 percent for the day.

Advancing stocks outnumbered decliners by a margin of 87 to 57 and the prices of 18 companies remained unchanged.

BURUJ Insurance and Al Hammadi Development & Investment Co. topped the performance chart at Tadawul, surging by 9.93 percent and 7.92 percent respectively. Al Hammadi contributing SR733.6 million or a relative market share of 8.4 percent also led the liquidity chart.

While, Alinma Bank with trades over 24.3 million topped the volume chart, closing at SR21.07. It captured 10.7 percent of the overall market volume.

Tadawul daily turnover remained nearly unchanged from its previous level of SR8.8 billion. Roughly 227 million shares flowed into the market. The 50-day average for trading turnover is closer to 233 million shares worth SR7.95 billion.

GulfBase.com