JEDDAH: ARAB NEWS
Published — Monday 9 September 2013
Last update 8 September 2013 9:46 pm
The Saudi stock market bucked the three-day downward trend and turned green yesterday.
Despite an upward jump of nearly hundred points after the opening bell, the Tadawul All-Share Index (TASI) finished with a nominal gain 0.02 percent, closing at 7,635.66.
Nine out of Tadawul's 15 sectors ended the day in green territory, accumulating 171 points collectively. Remaining six sectors lost an aggregate of 186.8 points for the day. Sectoral performance was dominated by Agriculture and Transport sectors, offsetting their performance by more than one percent positive-negative change.
Top ten heavyweights closed the day in mixed territories, showing small changes from previous day's level. Market leader SABIC (Saudi Basic Industries Corp.) with half percent upward jump remained prominent among large caps.
Advancing stocks outnumbered decliners by a margin of 71 to 59 and the prices of 27 companies remained unchanged.
Saudi Arabian Cooperative Insurance (+8.51 percent) and Al Babtain Power & Telecommunication (+5.86 percent) showing notable gains became the top performers among all Saudi companies.
On the other hand, Share price of Saudi Transport and Investment Company dived to a maximum decline of 10 percent, closing the day at SR44.1.
Market activity remained roughly 22 percent lower than previous level. More than 162 million shares worth SR4.0 billion changed hands on the Saudi stock market. The 50-day average for trading volume is closer to 205.5 million shares.
Trading activity was led by Dar Alarkan Real Estate Development, which liquidated more than twenty million shares, a relative market share of 12.6 percent. But the company went downward, declining 1.09 percent and closing below its par value.
While, Aljazira Takaful Taawuni Company continued its most liquid status, pumping a liquidity of SR344.6 million.