Tadawul breaks 9,000-point barrier

24/02/2014 06:01 AST

Saudi Arabia’s benchmark Tadawul All-Share Index broke the psychological barrier of 9,000 points mark Sunday, closing at 9,023.42. This is the highest closing level since Jul. 26, 2008. The TASI added 34.55 points or 0.38 percent for the entire session, extending its year-to-date yield to 5.72 percent.

Micro cap indices remained prominent, posting a growth of nearly one percent. Most of the major sectors closed in the green territory, accumulating an aggregate of 631 points.

Positive performance was boosted by Hotel & Tourism sector, which surged 289 points or 1.58 percent to close at 18,574.15.

Telecommunication & Information Technology was another significant gaining sector, advancing one and half percent for the day.

On the other hand, Real Estate Development switched to worst performing sector, slipping 37 points or 0.67 percent. But the sector liquidated approximately one-fourth of the overall market volume.

The advancers easily outnumbered declining stocks by a margin of 94 to 36. Upside-downside volume ratio of 2.8:1 also remained favorable.

New player Saudi Marketing Company (FARM) shares continued to dominate the performance chart in a consecutive manner, rallying 9.96 percent further to close the day at SR 63.5. An appreciation of nearly 60 percent in the value of FARM has been recorded in six consecutive sessions.

The heavyweight Etihad Etisalat Co. (Mobily) rose by 1.93 percent, closing at SR92. A good amount of turnover 274.5 million shares worth SR7.0 billion changed hands on the Saudi stock market.

This turnover reflects an increase of 21.3 percent on volume basis and 13.8 percent in terms of liquidity over the 50-day average levels.

GulfBase.com