TADAWUL: Insurance, Energy sectors surge over 2%

01/09/2014 01:10 AST

Saudi Arabia’s benchmark the Tadawul All-Share Index (TASI) closed at 11,112.12 and ended its Sunday’s trading up over seventy points or 0.63 percent. Its year-to-date return exceeded thirty percent.

Micro cap index remained prominent, growing by 1.3 percent. Sectoral performance was tremendous, as all 15 sectors closed in the upward territory, accumulating an aggregate of 1,110 points.

Insurance and Energy were best performing sectors of the day, surging by 2.17 percent and 2.08 percent respectively. Agriculture & Food Industries added 142 points, up 1.1 percent. Saudi Electricity Co. and Al-Rajhi Bank came out as key gainers among heavyweight equities, moving up 2.49 percent and 2.38 percent respectively. SECO share price climbed to a new 5-year high on Sunday. Advancing stocks outnumbered decliners by a huge margin of 122 to 28. Share price of Saudi Indian Company for Co-operative Insurance (Wafa Insurance) rallied to a maximum growth of 10 percent, clinching the spot as top gainer amongst Saudi stocks. The company has showed 31.8 percent growth in four consecutive sessions.

Sanad Insurance was another significant gainer, marching higher by 9.87 percent to SR12.25. Tadawul total volume set sold approximately 330.5 million shares, remaining nearly unchanged from previous level. The 50-day average for trading volume is closer to 237.4 million shares. Roughly SR9.8 billion flowed into the market, an increase of 19.5 percent over the 50-day average level.

Most of the trading was concentrated in Saudi Kayan Petrochemical Company with 52.5 million shares, capturing 15.9 percent of Tadawul volume. The company volume went four times high over its 50-day average.

It also maintained a heavy flow of liquidity SR897.6 million, a relative market share of 9.2 percent.

Arab News