Retail sector posts 1.91% gain

21/01/2014 08:22 AST

Saudi Arabia's benchmark Tadawul All-Share Index (TASI) finished to the downside Monday, slipping 0.14 percent further to 8,727.78.

Wavering in the North-South within a narrow range of 28.9 points it dropped roughly 12 points for the entire session.

Seven out of Tadawul's 15 sectors closed the day up, reflecting a collection of 662.4 points. Retail sector surged 236.3 points or 1.91 percent over the day, posting the biggest gains among all sectors. Transport sector also continued its upward march, marking another gain of hundred points or 1.47 percent to 6,902.94.

On the negative side, eight sectors lost an aggregate of 305 points. Telecommunication & Information Technology suffered worst of all sectors, reducing by one percent to 2,814.62. Al-Babtain Power & Telecommunication Company showing excessive losses of SR 2.1 or 5.97 percent became the major decliner at Tadawul.

The market breadth was positive, with 73 stocks witnessing advances and 67 others marking a decline.

Fawaz Abdulaziz AlHokair Company and Arabia Insurance Cooperative Company topped the performance chart at Tadawul, soaring up more than five percent for the day.

Furthermore, Kingdom holding outdid rest of its heavyweight peers, advancing 2.76 percent for the day.

Market activity remained 7 to 10 percent lower than previous day but still it was above the 50-day average level.

More than 209 million shares worth SR 5.6 billion changed hands on the Saudi stock market.

Trading activity was led by Emaar the Economic City, which represented a relative market share of 14.1 percent in terms of volume and 7.3 percent in terms of liquidity. The company also finished to the upside, advancing 2.23 percent to close the day at SR 13.75.

Gulfbase.com