Tadawul bucks trend with a hefty gain of 2.39%

19/10/2014 20:25 AST

Saudi Arabia’s benchmark Tadawul All-Share Index bucked the three-day prevailing downward trend and logged a sharp gain of 2.39 percent on Sunday.

The index opened with a largely positive note (+4.14 percent) and finally added 227.78 points, closing at 9,775.32. All market cap indices witnessed a positive change.

Sectoral indices also finished to the upside, accumulating an aggregate of 3,317.7 points. Insurance sector made the biggest jump among sectoral indices, posting a handsome growth of 5.32 percent to 1,486.96 points level.

Transport, Agriculture, Retail and Real Estate Development sectors also rose more than three percent in a day. Banks & Financial Services sector added considerable 517 points, up 2.58 percent.

SAFCO, Riyad Bank and Samba Financial Group played well among big players, surging 4.52 percent, 4.08 percent and 3.61 percent respectively.

Share trading activity remained low as compared to previous day; turnover went down by 19.4 percent in terms of volume and 14.3 percent in terms of value.

Roughly 263 million shares worth SR8.7 billion changed hands on the Saudi stock market. The turnover also remained below the 50-day average level.

Alinma Bank with 27.7 million shares topped the volume chart, a relative market share of 10.5 percent. The bank rose 9.25 percent for the session, closing at SR21.96.

While, market leader SABIC (Saudi Basic Industries Corp.) pumping a liquidity of SR1.4 billion secured its most liquid status, closing at SR108.7. SABIC volume went 3.54 times high over its 50-day average, liquidating roughly 13 million shares.

The total number of rising stocks exceeded to the total number of falling stocks by a huge margin of 149 to 10.

Insurance companies were the significant winners among all Saudi stocks, with MedGulf Insurance soaring up 9.93 percent and Arabian Shield Cooperative Insurance 9.92 percent.

GulfBase.com