Petrochem stocks up 7.82% in a week

03/05/2015 08:11 AST

Saudi Arabia's benchmark stock index sustained its upward trend for the fourth consecutive week, adding approximately 220 points further.

Except one small dip during the week, the Tadawul index continued pacing its way higher throughout the session to close in the green at 9,834.49 points, up 2.29 percent, from its previous weekend close at 9,614.61 points.

The index touched an intra-week high of 9,897.46 and low of 9,610.47 levels, showing a trading range of 287 points last week.

TASI’s year-to-date return crossed 18 percent.

Total market capitalization of Saudi stock exchange reached 2.16 trillion Riyals as compared to previous week's SR2.09 trillion, an increase of 3.41 percent.

Most of the major sector indices finished to the upside.

Petrochemical Industries made the biggest jump among sectoral indices, soaring up 7.82 percent in a week. National Petrochemical Co. rose 12.82 percent for the week, closing at SR 29.4.

Petrochemical giant Saudi Basic Industries (SABIC) outdid rest of its heavyweight peers, rising 12.19 percent to close the week at SR 108.68.

SABIC also topped the weekly liquidity chart, pumping SR 5.3 billion into the market. Saudi Electricity Co. was another key heavyweight gainer, surging 5.58 percent in a week. National Commercial Bank, the biggest lender of Kingdom, grew 3.50 percent for the week. The bank touched SR 72.75 on Wednesday, the highest level since its debut on the market. Energy and Media were other significant advancing sectors, which gained 5.66 percent and 4.1 percent respectively.

Advancing stocks outnumbered decliners by a good margin of 114 to 48, a largely strong weekly market breadth.

Share price of Arabia Insurance Cooperative rallied to a weekly growth of 28.23 percent to SR 17.76, clinching the spot as top gainer among Saudi stocks.

Saudi Land Transport Co. - MUBARRAD followed it, soaring up 13.76 percent for the week. Knowledge Economic City hit a fresh all-time high SR33.7, up 11.76 percent to close the week at SR 29.37.

Again over two billion shares worth SR 54.6 billion liquidated at Tadawul last week.

The volume of Real estate sector increased dramatically (53.2 percent) from 370 million shares to 566.5 million shares.

Dar Al-Arkan Real Estate with a volume of 377 million shares secured its most active status, reflecting a relative market share of 18.4 percent.

On the other hand, Telecom & IT sector volume decreased 62.1 percent to 104.5 million shares.

Furthermore, upside-downside volume ratio of 7.6:1 remained largely positive. Most of the major benchmark indices at GCC stock markets ended the week in green, with Dubai Financial Market rose 3.45 percent.

GulfBase.com