Banking sector indices cross 18,000-mark

13/01/2014 07:55 AST

The Saudi stock market continued its upward march and managed a third straight rise Sunday, marking another gain of 0.42 percent.

Spending most of the session in the downward territory Tadawul All-Share Index (TASI) took a sharp uplift just before the closing bell, gaining more than 36 points. It wavered within a trading range of 64.8 points, closing at 8,714.73. The TASI’s yield reached over two percent since the start of 2014.

Only five out of Tadawul’s 15 sectors including Industrial Investment witnessed a negative change, dropping hundred points collectively. Remaining twofold sectors closed in the green territory, accumulating an aggregate of 522 points.

Media and Energy were best performing sectors of the day, growing by 1.97 percent and 1.12 percent respectively. Banks & Financial Services sector added considerable 197.5 points, up 1.11 percent to cross 18,000-mark.

Most of the major heavyweights finished to the upside, with Riyad Bank surging by 3.87 percent, Saudi Arabia Fertilizers Co. (SAFCO) 2.37 percent and Al-Rajhi Bank 1.4 percent. Only market leader SABIC (Saudi Basic Industries Corp.) turned red, declining by one and half percent to SR 115.5.

Advancing stocks outnumbered decliners by a margin of 77 to 59 and the prices of 23 companies remained unchanged.

Al-Ahlia Insurance Company (+9.89 percent) and Saudi Arabian Cooperative Insurance (+9.48 percent) showing notable gains became the top performers among all Saudi companies.

Tadawul volume went slightly up and traded 246.9 million shares as compared to previous day’s 244.2 million shares. Total liquidity reached to SR 6.5 billion, an increase of 26.8 percent over the 50-day average level.

Gulfbase.com