Real estate sector index crosses 5,000-mark

06/01/2014 07:33 AST

Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) managed a sixth straight rise Sunday, marking another gain of 0.23 percent.

The index wavering within a range of 35.9 points ended nearly 19.6 points higher to 8,637.74. Most of the sector indices witnessed a positive change, accumulating an aggregate of 395 points.

Real Estate Development sector again made the biggest jump among sectoral indices, posting a solid growth of 2.63 percent and crossing 5,000-mark. Building & Construction sector followed it, advancing 1.3 percent for the day.

Insurance sector, on the other hand, continued its downward fall, declining 1.98 percent further.

Samba Financial Group showed the best performance among heavyweight stocks, closing higher by 1.2 percent to SR 50.5. Kingdom holding suffered worst of all heavyweights, showing a reduction of two and half percent.

Decliners outnumbered the advancers by a margin of 81 to 61 and the prices of 17 companies remained unchanged.

Red Sea Housing Services Co. and Arabian Pipes Co. topped the performance chart at Tadawul, soaring up 9.9 percent and 6.93 percent respectively.

On the other side of the spectrum, Bawan Company repeated the worst performance of previous day, slipping 9.84 percent further.

ANB Cooperative Insurance also suffered profit taking yesterday, reversing after a 28-day surge and dropping 9.72 percent. But the company with trades over 16.4 million shares worth SR 1.3 billion topped the volume and value charts, capturing 8 percent of the overall market volume.

A good amount of liquidity roughly seven billion riyals were flowed into the market, a slight increase from the previous level and 40.6 percent than 50-day average. Tadawul total volume set sold approximately 208 million shares.

Gulfbase.com