Tadawul: Insurance sector surges over 2%

26/06/2014 06:47 AST

The benchmark Tadawul All-Share Index (TASI) inching its way higher finished Wednesday’s trading in the green at 9,581.03 points, up 58.93 points or 0.62 percent.

On year-to-date basis, the TASI logged an attractive return of 12.25 percent. All market cap indices ended the day in the safe area.

Most of the major sectors closed in the upward territory, showing a collection of 444 points. Insurance outdid rest of the sectors, surging over two percent to close at 1,366.84. Tawuniya Insurance was a key gainer in this sector, turning up by 8.66 percent.

Telecommunication & Information Technology sector followed it, advancing 1.18 percent to 2,808.88. Only Tourism, Transport and Retail sectors finished to the downside, shedding 286 points roughly.

Advancing stocks outnumbered decliners by a margin of 100 to 37 and the prices of 23 companies remained unchanged.

Umm Al-Qura Cement Company shares continued to march upward in a consecutive manner, rallying 9.82 percent further to close the day at SR25.7. An appreciation of nearly 157 percent in the value of Al-Qura has been recorded in 10 consecutive sessions.

The bellwether SABIC (Saudi Basic Industries Corp.) remained at top among big players, rising 1.65 percent and closing at SR115.27. SABB and Al-Rajhi Bank rose 1.62 percent and 1.21 percent respectively.

Share trading activity remained low. Roughly 216 million shares worth SR6.9 billion exchanged hands on the Saudi Stock Market. This turnover reflects a decrease of 34 percent over the 50-day average level.

All most active stocks closed the day up, with Mobile Telecommunications Co. (Zain) liquidating 31.6 million shares and capturing a relative market share of 14.7 percent. It surged 5.85 percent but still trading below the par value.

Wafra for Industry topped the liquidity chart, soaring up 9.54 percent and pumping SR426.8 million.

GulfBase.com