Tadawul: Trading value falls to SR29.5 billion

07/06/2015 02:17 AST

Saudi Arabia's benchmark stock index reflecting a 3-day fall during the week, closed at 9,668.1 points last week, trimming 89 points or 0.91 percent for the entire week.

The index went 20.6 points above and 136.3 points below the break-even line during the week.

On an YTD basis, TASI registered a positive return of 1,335 points or 16 percent.

Large cap index with 1.13 percent decline contributed to the weak closing of the market. The market capitalization of Saudi stock exchange reached to SR2.13 trillion, decreasing by 0.82 percent from the previous week's value.

Energy & Utilities suffered worst of all sectors, falling 5.47 percent to close the week at 6,890.34.

Real Estate was another significant decliner, slipping 3.2 percent for the week. On the other positive side, Transport and Insurance sectors advanced 1.27 percent and 1.13 percent respectively. Most of heavyweights finished the week to the downside, with Saudi Electricity Co. dipping by 6.08 percent, Jabal Omar 5.05 percent and SABB 1.52 percent.

However, Kingdom Holding and Almarai Co. showed a positive change among large caps, growing 1.4 percent and 0.99 percent respectively. Petrochemical flagship Saudi Basic Industries Corp. rose 0.39 percent, closing at SR103.44.

Weekly market breadth was negative as falling stocks outnumbered rising ones two-to-one on the Saudi stock market. Furthermore, upside-downside volume ratio was 0.46:1.

Saudi Arabian Cooperative Insurance (+16.18 percent) and Saudi Land Transport Co. (+10.6 percent) showing notable gains became the top weekly performers among all Saudi stocks. On the other side of the spectrum, Saudi Arabian Refineries Co. showed the worst performance, turning down 7.18 percent for the week.

Most of the trading was concentrated in Alinma Bank with 99.4 million shares, capturing 11.5 percent of Tadawul volume. It also maintained a heavy flow of liquidity SR2.4 billion, a relative market share of 8.1 percent.

Tadawul weekly turnover went further down by 26.6 percent in terms of volume and 21 percent in terms of value. More than 864 million shares worth SR29.5 billion changed hands on the Saudi stock market.

Petrochemical sector volume was fifty percent down from previous week’s 177 million shares. The sector is accounted for 11.8 percent of the total market turnover.

Most of the major benchmark indices at GCC stock markets ended the week in green, with Qatar Stock Exchange rose 1.6 percent, Abu Dhabi stock exchange index rose by 1.56. Qatar Electricity and Medicare shares raced to an all-time high last week. Industries Qatar share value rose by 4.03 percent during the week, while Ezdan Real Estate Company’s share price dipped further by 6.68 percent during the week, last week its share price was declined by 10.5 percent. Public Warehousing Company (AGLTY) shares up by 5.63 percent at Kuwait stock exchange.

230 GCC stocks advanced and 228 declined last week. Amlak Finance, which resumed trading after a six-and-a-half-year hiatus, turned in a splendid performance among Large caps in GCC region, posting 31.7 percent gain last week.

— Mushtaq Ahmed and Tazeem Anwar are senior financial analysts at Zughaibi & Kabbani Financial Consultants.

GulfBase.com