Tourism, Telecom stocks gain over 2%

02/07/2014 06:58 AST

The Saudi stock market bucked the three-day downward trend and turned green on Tuesday, reflecting a decent gain of 0.75 percent. The benchmark Tadawul All-Share Index finished to the upside at 9,584.31 points, adding 71.29 points for the entire day.

The TASI also logged an attractive YTD return of 12.29 percent. All market cap indices ended the day in the green district. All sectors extended gains except Media and Publishing, which pared nominal 0.24 percent. Remaining 14 sectors showed a collection of 1,345 points jointly.

Hotel & Tourism came out as key performing sector among sectoral indices, advancing 2.18 percent to 21,692.60. Telecommunication & Information Technology sector added considerable 2.16 percent, closing at 2,844.68.

Saudi Telecom and Etihad Etisalat Co. (Mobily) turned in a splendid performance among top ten heavyweight stocks, soaring up 3.34 percent and 2.05 percent respectively. Saudi Electricity Co. volume was 413 percent greater than previous day, liquidating 1.6 million shares.

There were 104 net advancing issues, a largely strong market breadth.

Umm Al-Qura Cement Company made the biggest jump among all Saudi equities, achieving a maximum growth of 9.97 percent to close the day at SR37.5. It also maintained a heavy flow of liquidity SR410 million, a relative market share of 7.8 percent.

New player Abdulmohsen Alhokair group was another key gainer, surging by 9.77 percent. Still market activity was almost fifty percent low as compared to 50-day average level. More than 157 million shares worth SR5.2 billion changed hands on the Saudi stock market.

All most active stocks witnessed a positive change. Dar Al-Arkan Real Estate with trades over 16 million shares topped the volume chart, capturing 10.3 percent of the overall market volume.

GulfBase.com