Insurance stocks stay in the limelight

14/07/2014 06:40 AST

The benchmark Tadawul All-Share Index (TASI) ended Sunday’s trading in the green at 9,812.5 points, up 9.21 points, from its previous day close at 9,803.29 points.

Wavering along the break-even line it edged higher 0.09 percent, reflecting a trading range of 58.8 points. Most of the major sectors advanced upward, accumulating more than 351 points. Insurance remained prominent among sectoral indices, posting a daily growth of 1.59 percent to 1,371.67. Retail was another significant advancing sector, gaining 1.48 percent or 240 points to 16,390.82.

Banks & financial services sector, on the other hand, posted the largest losses, falling 0.62 percent and trimming back the 20,000-mark. The heavyweight Al-Rajhi Bank was major decliner in this sector, going down by 1.94 percent to SR67.95.

Advancing stocks outnumbered decliners by a margin of 84 to 63 and the prices of 14 companies remained unchanged. Saudi Marketing Company (FARM) turned in a splendid performance among all Saudi stocks, soaring up SR11.31 or 9.92 percent to close the day at SR125.25. BUPA Insurance and Alalamiya Cooperative Insurance followed it, moving up by 9.77 percent and 6.82 percent respectively.

Umm Al-Qura Cement rose 6.55 percent and came out as most active stock of the day. Its volume set sold about 17 million shares, which are about 10 percent of the overall market volume.

Saudi International Petrochemical Company volume went six times high over its 50-day average, liquidating 4.3 million shares.

Tadawul volume with trades over 169 million shares remained 12 percent greater than previous level but still it was 40.6 percent lower than 50-day average.

Roughly SR6.6 billion was pumped into the market, an increase of 6.1 percent as compared to previous level. The 50-day average for trading value is closer to SR9.1 billion.

GulfBase.com