Market cap rises to SR1.46 trillion


Published — Saturday 12 January 2013

Last update 12 January 2013 12:28 am

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The prices of Saudi equities surged for the second straight week, witnessing the long-term upward trend last week. Saudi Arabia's benchmark stock index broke the psychological barrier of 7,000 points mark, up 186.4 points and closed at 7126.71 points, a weekly growth of 2.69 percent. The TASI set out with a handsome rise of one percent or 70 points on first day which expanded subsequently to a weekly range of 200 points roughly.
The market cap indices all finished to the upside, with Large cap advancing 3.4 percent last week.
Total market capitalization of Saudi stock exchange increased over 2.7 percent to SR1.46 trillion as compared to previous week's SR 1.42 trillion.
All sectors extended weekly gains except Insurance, which pared 27.2 points or 2.0 percent to close at 1,320.51 levels. Remaining 14 sectors accumulated more than 2,000 points last week.
Banks & Financial Services sector remained at top showing an increment of 738 points, or 4.96 percent, 15,610.95 from 14,873.17. It also reflected a year-to-date change (+6.6 percent) which is highest amongst all Saudi sectors. The Saudi Investment Bank and heavyweight Al-Rajhi Bank played well relatively, closing the week up by 9.34 percent and 6.37 percent respectively.
Telecommunication & Information Technology sector was another significant gainer last week, advancing over four percent to 2,276.18. This increase can be attributed to heavyweight Saudi telecom which surged 5.26 percent, closing the week at SR46.
Weekly market breadth was positive, whereby 101 symbols closed in green and 44 closed in red, while 11 remained unchanged. Furthermore, upside-downside volume ratio of 2.4:1 remained strong.
New player Dallah Healthcare Holding Company outdid rest of the Saudi equities, marching higher by SR9 or 13.53 percent to close the week at SR 75.5. Al-Ahsa Development Co. followed it, showing a positive weekly change of 11.1 percent.
Investors continued to flow an optimal level of turnover; specifically, 1.3 billion shares worth SR31.7 billion changed hands on the Saudi stock market last week. This turnover reflects a weekly growth of 52.2 percent on volume basis and 26.7 percent in terms of value.
Most of the major benchmark indices at GCC stock markets ended the week in green. DFM index outperformed, closing at 1,756.22 and finishing the week up over 4.4 percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,072.4 points level, adding 90 points or 2.25 percent for the entire week.

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