Tadawul index surpasses 9,000-mark

13/04/2015 00:34 AST

The Saudi stock market broke the psychological barrier of 9,000 points mark on Monday, buoyed by investors’ positive sentiments after oil price stability.

The benchmark Tadawul Index edged higher by eighty points or 0.89 percent to 9,041.12, taking a sharp uplift just before the closing bell.

Micro cap index remained prominent, posting a growth of one and half percent, the GulfBase said in its market commentary.

Tadawul's 11 sectors closed the day up, accumulating 1,484 points on aggregate basis.

Energy, Industrial Investment and Insurance showed the best performance among sectoral indices, advancing 4.21 percent, 3.03 percent and 2.71 percent respectively.

Banks & Financial Services sector added considerable 310 points, up 1.56 percent.

Major heavyweights finished to the upside, with Saudi Electricity Co. surging by 4.76 percent and Samba Financial Group 3.24 percent.

Contrarily, the bellwether SABIC (Saudi Basic Industries Corp.) plunged more than three percent, closing at SR 84.93.

The total number of rising stocks exceeded to the total number of falling stocks by a huge margin of 128 to 19.

Bupa Arabia for Cooperative Insurance made the biggest jump among all Saudi equities, achieving a maximum growth of 10 percent. The company shares are trading near 4-year high of SR 194.

Bupa has achieved a growth of 221.87 percent in one year. Furthermore, United Cooperative Assurance rose 9.39 percent, closing at SR 16.18.

Alinma Bank appeared to be the most active stock for the day, liquidating 37.6 million shares, which equates 13.3 percent of overall market volume.

The value of these shares totaled SR828.8 million, a relative market share of 11.6 percent. Market activity was two percent low than that of Sunday.

More than 282 million shares worth SR 7.2 billion changed hands on the Saudi stock market. The 50-day average for trading turnover is closer to 340 million shares worth SR8.9 billion.

GulfBase.com