Media stocks stay on top

10/04/2014 07:17 AST

Despite an upward jump (+47.8 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with a surprise decline of 0.23 percent on Wednesday.

The index performed within a range of 123 points, closing the day at 9,543.11. Still the TASI’s year-to-date collection remained over thousand points or 11.8 percent. All market cap indices finished to the downside.

Five out of Tadawul’s 15 sectors witnessed a positive change, accumulating 650 points for the day. Remaining twofold sectors closed in the downward territory, paring an aggregate of 486 points.

Media and Publishing again made the biggest jump among sectoral indices, posting a solid growth of 5.79 percent and crossing 4,000-mark. Hotel & Tourism was another significant advancing sector, which gained 1.77 percent.

Building & Construction, on the contrary, suffered worst of all sectors, going down 1.45 percent to 4,059.59.

The market breadth with advance-decline ratio of 0.52:1 remained unfavorable. Upside-downside volume ratio of 0.4:1 was weak.

Tihama Advertising & Public Relations Company remained at top amongst all equities, soaring up 9.9 percent to close the day at SR244. This is a new all time high price level of the company.

Wafrah for Industry & Development Co. followed it, surging by 7.35 percent for the session. The company volume with trades over 7.8 million also went 4.6 times high over the 50-day average level.

On the other side of the spectrum, Ash Sharqiyah Development Co. became the biggest loser of the day, down 7.5 percent. Kingdom holding and Saudi Arabia Fertilizers Co. (SAFCO) showed the worst performance among heavyweights, declining 1.97 percent and 1.4 percent respectively.

All most active stocks closed the day lower. But market activity was high; specifically 514.8 million shares worth SR15.7 billion were transacted at Tadawul.

This turnover reflects an increase of 37.5 percent on volume basis and 39.2 percent in terms of liquidity.

The 50-day average for trading turnover is closer to 297.5 million shares worth SR8.1 billion.

GulfBase.com