Building & Construction stocks edge higher

08/04/2014 07:48 AST

The benchmark Tadawul All-Share Index (TASI) closed Monday’s trading session down by 23.82 points or 0.25 percent to 9,507.58, after being low as much as 87 points after the opening bell.

The TASI has added 11.4 percent since the start of 2014. Market cap indices closed in a mixed fashion.

Most of the major sectors closed in the downward territory, paring an aggregate of 380 points. Retail and Real Estate Development sectors performed worst, going down by 1.08 percent and 0.53 percent respectively.

On the positive side, Building & Construction outdid rest of the sectors, advancing 0.95 percent and closing at 4,079.21.

Kingdom Holding and SABB remained key gainers among heavyweights, growing more than one percent. While, Samba Financial Group dipped 1.91 percent to close the day at SR41.3. Advancing stocks outnumbered decliners by a small margin of 74 to 65 and the prices of 20 companies remained unchanged.

Wafrah for Industry & Development Co. and Saudi Fisheries Co. showed the best performance among all Saudi stocks, soaring up more than 9.8 percent for the session. Both companies’ shares have climbed to a 52-week high of SR46.5 and SR38 respectively.

Wafrah volume also went 4.7 times high over the 50-day average, liquidating roughly seven million shares. Wafa Insurance, on the other hand, switched to worst performing stock, falling 3.68 percent and closing at SR85.25.

Share trading activity was high as compared to previous day, specifically SR9.6 billion were poured into the market. Trading volume was improving, with about 314 million shares changed hands in the market, a growth of 6.4 percent over the previous level.

The 50-day average for trading volume is closer to 288 million shares. Alinma Bank with trades over 38.6 million topped the volume chart, capturing 12.3 percent of overall market volume.

GulfBase.com