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Business & Economy

Insurance sector stays in limelight

JEDDAH: Saudi stocks hovered in small gains and losses yesterday, almost a repeat of previous day’s flat performance which turned positive and the day ended in green.
The Tadawul All-Share Index (TASI) inched up to 6,813.62 points, showing an increment of 12.8 points or 0.19 percent growth for the entire day.
Saudi sector indices performed in a mixed fashion, with six sectors accumulating an aggregate of 177 points and nine sectors trimming 246 points collectively.
Insurance remained the best performing sector for the second consecutive day, advancing 2.43 percent further to close at 1,527.19.
Telecom and transport sectors followed it, rising more than one percent for the day.
Etihad Etisalat Co. (Mobily) continued its upward march among heavy weight stocks, adding SR 2.0 or 2.73 percent for the day. On the other hand, Saudi Electricity Co. (SEC) was the significant loser, shedding 2.2 percent to end at SR 13.35.
Advancing stocks outnumbered decliners by a margin of 84 to 53 and the prices of 18 companies remained unchanged.
Insurance companies continued to win the daily race among all Saudi stocks.
The share price of ACE Arabia Insurance rallied to a maximum growth of 10 percent, closing the day at SR 209. Solidarity Saudi Takaful Co. followed it, surging 9.78 percent for the day.
The company has also been able to occupy the place at volume chart, liquidating more than 6.5 million shares, and ranking fourth.
Most of the trading was also concentrated in the insurance sector, which pumped more liquidity into the market by contributing SR 2.5 billion, which is approximately one-half of the overall market value. Its more than 50.3 million shares were traded yesterday which accounted for roughly 32 percent of the Tadawul volume.

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