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Business & Economy

Tadawul index breaks 7,000-point barrier

The Saudi stock market showed impressive gains yesterday. Tadawul All-Share Index (TASI) crossed the 7,000-mark during the day to close at 7,010.00 points, up 69.69 points or exactly one percent.
Investors were able to continue a bull run as prices of Saudi stocks surging up with high turnover. Tadawul total volume set sold about 276.6 million shares (nearly 39 percent greater than previous level). The 50-day average for trading volume is closer to 181.3 million shares.
A considerable amount of liquidity SR 6.7 billion flowed into the market, an increase of 15.3 percent from previous day's SR 5.8 billion.
Most of the trading was concentrated in the Real Estate Development sector, which liquidated more than 71.3 million shares, a relative market share of 25.8 percent.
The market cap indices closed the day in the green zone.
All sectors closed in the upward district, reflecting an accumulation of 873 points. Positive performance was boosted by Media and Publishing sector, which surged 70.94 points or 2.38 percent to close at 3,045.53. Telecom and Real Estate sectors followed it, advancing more than two percent for the day.
Market breadth with advance-decline ratio of 3.4:1 remained extremely strong.
Share price of Amana Cooperative Insurance rallied to a maximum growth of 10 percent to SR 123.75, clinching the spot as top gainer amongst Saudi stocks.
Most of heavy weights also closed in green, with Etihad Etisalat Co. (Mobily) surging 2.28 percent, Saudi Telecom 2.05 percent and Saudi Arabian Mining Co. 1.51 percent.

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