Tadawul rises, SABIC trades near 4-year high

13/05/2014 06:18 AST

Despite a plunge of 24 points after Monday’s opening bell, the benchmark Tadawul All-Share Index (TASI) finished with a balmy gain of 0.11 percent or 10.37 points, closing at 9,775.85. On year-to-date basis, the TASI’s yield reached over 14.5 percent. Among market cap indices, Micro cap performed well relatively and rose 1.4 percent.

Media and Publishing sector turned in a splendid performance among sectoral indices, reflecting an increment of 338 points or 7.38 percent for the entire day to close at 4,918.00. Multi-Investment was another key gaining sector, growing by 2.37 percent.

The total number of rising stocks exceeded to the total number of falling stocks by a huge margin of 92 to 40.

Salama Cooperative Insurance and Tihama Advertising & Public Relations Company made the biggest jumps among all Saudi equities, soaring up by 9.95 percent.

Wafrah for Industry and Development also continued its upward march, marking another gain of 8.35 percent to SR67.98. The company also topped the value chart, pumping more liquidity (SR815 million) into the market. Again its volume also went 3.5 times high over the 50-day average level, liquidating more than twelve million shares.

Trading volume was led by Dar Al-Arkan Real Estate, which liquidated 41.7 million shares, a relative market share of 13.1 percent. Roughly 318 million shares worth SR10.3 billion were poured into the market. Tadawul volume went below the 50-day average level. But all most active stocks finished to the upside.

On the other side of the spectrum, Al Alamiya for Cooperative Insurance after hitting an all time high switched to worst performing stock of the day, reducing over two percent and closing at SR98.76.

Most of heavy weights closed in green; where Kingdom holding increasing by 0.81 percent and market leader SABIC (Saudi Basic Industries Corp.) 0.41 percent. SABIC is trading near its 4-year high level, closing at SR118.96.

GulfBase.com