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Business & Economy

Multi-Investment sector rises 5.46%

The Saudi stock market depicted a positive drive last week. Despite closing lower for two days during the week, the Tadawul All-Share Index (TASI) dug in at 6,940.31 and finished the week up over 73.6 points or 1.07 percent from its previous weekend close at 6,866.71 points.
The index touched an intra-week high of 6,941.21 and low of 6,772.19 levels, reflecting a trading range of 169 points last week.
Total market capitalization of Saudi stock exchange increased more than one percent to SR1.42 trillion as compared to previous week's SR 1.41 trillion.
Sector indices at Saudi stock market ended the week with modest gains, as 11 out of 15 sectors marched higher, accumulating an aggregate of 990.5 points in a week.
Multi-Investment outdid rest of the sectors, reflecting an increment of 191.8 points or 5.46 percent for the entire week to close at 3,703.26 Agriculture and Retail sectors followed it, advancing 2.52 percent and 2.43 percent respectively.
On the negative side, four sectors ended the week lower, trimming 220.6 points jointly. Insurance sector continued its downward fall for the third consecutive week, shedding 3.6 percent further to 1,347.7. Amanah Cooperative Insurance suffered the greatest amount of damages, turning down 25 percent for the week.
Advances outnumbered the decliners by a margin of 93 to 49 and the prices of 14 companies remained unchanged. Furthermore, upside-downside volume ratio of 3.6:1 remained largely positive.
Ash-Sharqiyah Development Company and Saudi Fisheries Co. made the biggest jumps among all Saudi equities, posting a weekly growth of 30.5 percent and 11.1 percent respectively.
Among heavyweights, Kingdom Holding continued to occupy the leading position for the third straight week, surging 7.1 percent further to SR 20.35.
Most of the major benchmark indices at GCC stock markets ended the week in green. DFM index remained at top, closing at 1,688.62 and finishing the week up over 4.4 percent.
The benchmark GulfBase GCC General Index closed the week higher at 3,982.75 points level, adding 66 points or 1.69 percent for the entire week.

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