SACO achieves maximum gain on debut

12/05/2015 01:59 AST

Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) dug in at 9,627.41 and ended its Tuesday’s trading up over 44 points or 0.46 percent.

On an YTD basis, TASI registered a positive return of 15.53 percent.

It went 47.7 points above and 44.5 points below the break-even line during the day, the GulfBase said in its market commentary.

Micro cap with 0.8 percent upward jump remained prominent among market cap indices. Most of the major sectors finished to the upside, accumulating an aggregate of 437 points.

Multi-Investment and Insurance outperformed among the sectoral indices, advancing 1.48 percent and 1.29 percent respectively.

Petrochemical Industries sector added considerable 1.18 percent to close at 6,735.56 points. Petrochemical flagship SABIC (Saudi Basic Industries Corp.) rose 1.19 percent.

SABIC pumping a liquidity of SR 571.8 million also secured its most liquid status, finishing at SR 102.86.

Most of heavyweights extended gains, with Kingdom holding outdid rest of its peers, surging 2.22 percent to close at SR 22.07.

Market breadth was largely positive, whereby 129 symbols closed in green and 33 closed in red, while 3 remained unchanged.

Trading of Saudi Co. for Tools and Hardware (SACO) started on Tuesday after IPO, with opening price of SR 77. Share price of SACO rallied to a maximum daily gain of ten percent. SACO is engaged in importing, exporting, wholesale and retail in products, including products related to buildings restoration and decoration.

Paid up capital of the company is SR 240 million. Alhumaidi Contracting Co. with an ownership of 33.2 percent is major shareholder of the company.

Al Ahlia Insurance Co. was another key gainer, reflecting an increment of SR 1.22 or 7.64 percent. Saudi Airlines Catering Co. rose 4.6 percent to SR 170.62. The company volume was 4.7 times high over its 50-day average.

Furthermore, Takween Advanced Industries shares climbed to a fresh all-time high of SR 77.25, up 2.51 percent.

GulfBase.com