Tourism sector jumps over four percent

30/01/2013 07:15 AST

Saudi stocks showed narrow fluctuations yesterday, almost a repeat of previous couple of days’ flat performance which turned slightly positive and the day ended in green.

The Tadawul All-Share Index (TASI) dug in at 7,027.81 points yesterday. The index started a sideways walk along the break even line earlier yesterday but it took a sharp uplift just before the closing bell, gaining more than six points. The trading range narrowed further to 21.2 points as compared to 24.6 points of previous day.

Only Med cap among the market cap indices moved downward slightly.

Sectoral indices performed in a mixed fashion, with eight sectors accumulating an aggregate of 461 points and seven sectors trimming 95 points collectively. Hotel & Tourism sector made the biggest jump, reflecting an increment of 345 points or 4.14 percent to 8,672.39 points. Multi-Investment was another significant gainer, rising by 1.51 percent.

The market breadth was almost balanced with 63 issues witnessing advances against 66 issues recording declines.

Tourism Enterprises Co. (Shams) turned in a splendid performance among all Saudi stocks, jumping 9.95 percent to SR48.6. Saudi Indian Co. for Cooperative Insurance and Saudi Integrated Telecommunication (Almutakamela) followed it, advancing more than five percent yesterday. Almutakamela also dominated the trading activity by liquidating more than 14.8 million shares, which equates 7.4 percent of overall market volume.

Furthermore, Kingdom holding and Etihad Etisalat Co. (Mobily) showed the best performance among heavyweight stocks, advancing 1.55 percent and 1.35 percent respectively.

Gulfbase.com