Saudi Banks stay in limelight

06/08/2014 01:07 AST

The Saudi stock market continued its upward march and rose for a seventh session on Tuesday.

The Tadawul All-Share Index (TASI) closed higher to 10,450.52 points. It added further 44.71 points or 0.43 percent and spiked above the previous closing at 10,405.81 levels. While curving in the upward territory throughout the day it rose to a maximum gain of 95 points.

Large cap index remained prominent among market cap indices. Ten out of Tadawul's 15 sectors closed the day up, reflecting a collection of 597 points. Banks & Financial Services sector advanced 371 points or 1.74 percent over the day, posting the biggest gains among all sectors.

The heavyweights Samba Financial Group, Riyad Bank and Saudi British Bank came out as key gainers in this sector, surging by 3.96 percent, 2.58 percent and 1.89 percent respectively. On the other hand, Hotel & Tourism sector was a significant decliner, shedding 231 points or 0.98 percent. The market breadth was positive, with 77 stocks witnessing advances and 68 others marking a decline.

Al Jazira Takaful Co. made the biggest jump among all Saudi equities, soaring up 9.83 percent for the day. The company volume went 1.62 times high over its 50-day average, closing at SR83.46.

Dar Alarkan Real Estate with a volume of 31.9 million shares topped the volume chart, reflecting a relative market share of 10.3 percent. While, Al Hammadi Development & Investment Co. pumping a liquidity of SR715 million secured its most liquid status, closing at SR74.71.

Market activity started to rise again, as overall turnover went approximately 25 percent high over the previous day and the 50-day average level as well.

Roughly 310 million shares worth SR10.7 billion were liquidated at Tadawul.

GulfBase.com