Stocks soar up with high turnover

27/08/2014 19:31 AST

Saudi Arabia’s benchmark Tadawul All-Share Index managed a second straight rise on Wednesday, marking another handsome gain of 0.82 percent.

The index edged higher by ninety points, again surpassing 11,000-mark. Its year-to-date yield reached over twenty nine percent.

Market cap indices all ended in the safe area, with Med Cap increasing more than one percent. All sectors extended gains except Retail, which showed a nominal decline. Remaining 14 sectors accumulated 1,012 points jointly.

Energy and Multi-Investment sectors showed the best performance, surging 2.26 percent and 2.18 percent respectively. Petrochemical Industries added 160 points, up 1.84 percent to 8,929.45.

Most of heavyweights finished to the upside, with Kingdom Holding appreciating by 3.91 percent, Saudi Electricity 2.35 percent and the bellwether SABIC (Saudi Basic Industries Corp.) 1.16 percent. SABIC also hit a new 5-year high of SR133.5 before closing at SR132.92. Market breadth was strong, as rising stocks outnumbered decliners by a margin of two-to-one on the Tadawul market.

Alalamiya Cooperative Insurance (+9.9 percent) and Saudi Indian Company for Co-operative Insurance (+9.64 percent) showing notable gains became the top performers among all Saudi companies.

The powerful trading waves expanded Tadawul volume to 493.5 million shares, an increase of 109.4 percent over the 50-day average of 235.7 million shares.

Trading volume was led by Saudi Mobile Telecommunications Co. (Zain), which represented 17 percent relative market share. The company volume went 5.2 times high over its 50-day average, liquidating over 84 million shares.

Investors continued to flow adequate liquidity (SR13.2 billion) into the market. Dar Alarkan Real Estate Development topped the value chart, pumping SR1.3 billion. The company share price climbed to a new 4-year high, up 5.75 percent.

GulfBase.com