Al-Qura, Alhokair shares dip first time after debut

07/07/2014 05:53 AST

Saudi Arabia’s Tadawul All-Share Index (TASI) continued its positive drive, marking another gain of 0.66 percent on Sunday. While curving in the upward territory throughout the day it added further 64.22 points, closing at 9,752.16.

With this increment, TASI’s year-to-date return exceeds 14 percent. Large cap remained prominent among market cap indices, recording a daily growth of 0.8 percent. Most of heavyweights extended gains, with Saudi Electricity Co. outdid rest of its peers, surging over three percent to close at SR16.29. The bellwether SABIC (Saudi Basic Industries Corp.) rose by 1.3 percent.

12 out of Tadawul’s fifteen sectors finished to the upside, reflecting an accumulation of 765 points. Energy & Utilities sector advanced 153.7 points or 2.63 percent over the day, posting the biggest gains among all sectors. Agriculture and Petrochemical sectors followed it, gaining more than one percent.

Market breadth was positive, with 82 stocks witnessing advances and 57 others marking a decline. Bupa Arabia for Cooperative Insurance stepped up to occupy the top position, soaring up 9.8 percent for the session. Bupa shares raced to an all-time high of SR100.5 before closing at SR100.47.

On the other hand, new player Umm Al-Qura Cement Company has fallen prey to profit-taking after sequential run-ups (15 consecutive wins since its debut on Tadawul). The company plunged by 9.85 percent, closing at SR36.25. But it appeared to be the most active stock of the day, liquidating 17.5 million shares.

While, recently traded Abdulmohsen Alhokair group topped the liquidity chart, pumping SR1.34 billion into the market. But the group also closed in red, declining more than two percent. Tadawul volume went down by 11.5 percent and traded 202.9 million shares as compared to previous day’s 229.1 million shares. Roughly SR7.5 billion were poured into the market. Total turnover remained below the 50-day average level, ranging from 23 percent to 33 percent.

Gulfbase.com