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Business & Economy

Petchem stocks gain strength

JEDDAH: It turned out to be largely positive for investors yesterday, as Saudi Arabia's benchmark stock index recorded a gain of 1.11 percent, which is the highest increase during last ten weeks.
The Tadawul All-Share Index (TASI) continued pacing its way higher throughout the day to close in the green territory at 6,919.17, achieving 76.02 points for the session.
On a year-to-date basis, the index crossed a positive return of 500 points or 7.8 percent.
All market cap indices ended the day in the upward zone.
Ten out of Tadawul's 15 sectors ended the day with modest gains, accumulating an aggregate of 651 points.
Real Estate Development and Petrochemical Industries were major gainers among sectoral indices, which marginally increased by 2.43 percent and 1.98 percent respectively. Banking sector added considerable 174 points, up 1.16 percent.
There were 83 net advancing issues, a largely strong market breadth.
SABB and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, surging by 3.04 percent and 2.24 percent respectively.
Saudi Integ-rated Telecom (ALMUTAKAMELA) turned in a splendid performance among all Saudi stocks, soaring up 9.87 percent to close the day at SR 26.7. The company with trades over 15.3 million shares also positioned itself among the most active stocks, and ranking second.
Share trading activity remained high as compared to previous day; turnover went up by 28.6 percent in terms of volume and 7.6 percent in terms of value.

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