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The Saudi stock market ended Thursday’s trading session solidly in the green.
The Tadawul All-Share Index (TASI) closed up 48 points or 0.53 percent to 9,106.55, after being up as much as 53.2 points.
TASI’s year-to-date collection reached over 570 points or 6.69 percent on Thursday. Large cap with 0.7 percent upward jump remained prominent among the market cap indices. Thirteen out of Tadawul’s 15 sectors ended the day with modest gains, accumulating an aggregate of 600 points roughly.
Multi-Investment outdid rest of the Saudi sectors, which marginally increased by one and half percent to 4,307.15 points.
The Banks and Financial Services sector added considerable 213 points, up 1.12 percent to close at 19,257.45. Arab National Bank and large cap Samba Financial Group were key gainers in this sector, turning up by 3.77 percent and 2.75 percent respectively.
Only Agriculture and Insurance sectors could not manage for gains, going down slightly by 0.34 percent and 0.15 percent respectively.
A considerable amount of turnover 264 million shares worth SR7.5 billion changed hands on the Saudi stock market.
This turnover reflects an increase of 13 percent on volume basis and 18.5 percent in terms of liquidity over the 50-day average levels.
Dar Alarkan Real Estate appeared to be the most active stock of the day, liquidating 31.9 million shares, which equates 12 percent of overall market volume.
Advancing stocks outnumbered decliners by a margin of 79 to 56 and the prices of 24 companies remained unchanged.
Southern Province Cement Co. and Saudi Indian Company for Co-operative Insurance showed the best performance among all Saudi stocks, achieving a daily growth of 4.71 percent and 4.46 percent respectively.
Kingdom holding made the biggest jump among heavyweight equities, surging over four percent and closing at SR23.25.
As Arabian Gulf nations march inexorably forward towards economic diversification, one sector is receiving particular attention.
Manufacturing is a growth-focus for several GCC governments
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The Gulf Today
The development is significant in the light of the growing importance of the region as an attractive investment destination for international investors seeking exposure to high growth emerging market