Saudi banks surge over 4%

24/08/2014 00:11 AST

Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) recorded a smart gain of 168.3 points or 1.57 percent on Sunday, closing at 10,903.04. Banks led TASI to a new 80-month peak.

On a year-to-date basis, the index crossed a positive return of 27.74 percent. The Large cap index showed the best performance, rising 1.87 percent for the day. Twelve out of Tadawul’s fifteen sectors extended gains, reflecting an accumulation of 1,414 points.

Banks & Financial Services sector turned in a splendid performance among sectoral indices, soaring up four percent to close at 23,841.54. Media and Petrochemical sectors followed it, advancing more than one percent in a day.

The market breadth was also positive, with 88 stocks witnessing advances and 53 others marking a decline.

Share price of Alinma Bank rallied to a maximum growth of 9.67 percent to SR 25.4, clinching the spot as top gainer amongst Saudi stocks. This is all time high closing level of the bank. Eight other stocks also hit a new all-time high on Sunday.

Trading activity was also led by Alinma, which liquidated over 52 million shares, a relative market share of 17.1 percent. The value of these shares totaled SR 1.3 billion, which equates 12 percent of total market liquidity.

42 Saudi companies including Alinma Bank showed an increase in volume from previous day by 100 percent or more.

The heavyweight Riyad Bank rose by 4.17 percent, closing at SR22.72. Bank Al Jazira volume went 6.2 times high over its 50-day average, liquidating 6.9 million shares and gaining 4.37 percent.

A good amount of turnover 304.7 million shares worth SR10.8 billion changed hands on the Saudi stock market.

This turnover reflects an increase of 36 percent over the 50-day average level.

GulfBase.com