The Saudi stock market depicted a positive drive on tenth straight week. Last week a couple of sensational records of highest volume were logged at Tadawul, which raised investors' enthusiasm to participate more. Since the start of 2012, a substantial increase in the demand for Saudi stocks came to light.
On the weekly chart, the Tadawul All-Share Index (TASI) while bouncing in the green zone through the week closed at 7,567.98 points. It gained 193.06 points for the entire week, up 2.62 percent. TASI stepped down on Tuesday to 7,521.6 points level, which appeared to be a trough that supported the major upward trend to sustain. Since Dec. 31, 2011 the index advanced over 1,150.25 points or 17.92 percent.
Sectoral performance was tremendous during the week, as all sectors closed in green except Cement and Media & Publishing, which suffered profit taking and shed 4.71 percent and 1.46 percent respectively.
Real Estate Development sector outperformed, up 7.69 percent for the week to close at 3,694.23 points. It also reflected a 36.56 percent YTD growth and remained at top among all Saudi sectors.
On the other hand, Banks & Financial Services sector retrieved the previous week's lost points, added considerable 503.52 points or up 3.04 percent for the week.
Total market capitalization of Saudi stock exchange reached at SR1.49 trillion as compared to previous week's SR1.45 trillion, an increase of 3.0 percent.
Investors' confidence enhanced further; about 3.4 billion shares worth SR75.1 billion exchanged hands on the Saudi stock market last week. This turnover reflects a weekly growth of 9.4 percent on volume basis and 16 percent in terms of value. Furthermore, upside-downside volume ratio was 15:1.
The volume chart was led by Dar Al-Arkan Real Estate with trades of over 403.2 million shares. While, Alinma bank liquidated SR4.8 billion at Tadawul and remained the most active stock on value basis.
Weekly market breadth with advance-decline ratio of 4:1 remained extremely strong.
Telecommunication & IT sector continued to dominate the performance at Tadawul for the second consecutive week with Saudi Integrated Telecommunication, rising by 39.3 percent.
On the worst side, Allianz Saudi Fransi Coop. Insurance posted the largest losses of 23.3 percent to close the week at 85.75 points.
All benchmark indices at GCC stock markets ended the week in positive except Bahrain bourse, which declined by 0.78 percent and closed at 1,152.07 points.
Dubai Financial Market (DFM) led the GCC markets, adds 4.53 percent during the week and closed at 1,683.41points, followed by Tadawul All share index and Abu Dhabi Securities Market (ADX) added 2.62 percent and 2.5 percent respectively.
Emirates opens refurbished lounge at Paris airport
Emirates, has inaugurated its refurbished Paris Charles de Gaulle Lounge for First Class and Business Class passengers as well as Platinum and Gold members of Emirates Skywards - the airline’s freque
Expansion to up Riyadh airport capacity to 35 m
The new expansion plan for Riyadh’s King Khaled International Airport aims at increasing its capacity from 12 million to 35 million, said Khaled Al-Khaibary, spokesman of the General Authority for Ci
FGB 3rd most powerful UAE firm: Forbes
First Gulf Bank, or FGB, has been recognised as the third most powerful company in the UAE and the sixth leading bank in Forbes’ Top 500 in the Arab World list.