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Business & Economy

Tadawul keeps upward momentum

Saudi Arabia's benchmark stock index (Tadawul) continued pacing its way higher throughout the day to close yesterday's trading in the green territory at 6,940.31, achieving 1.17 percent or 80.29 points for the session.
All market cap indices ended the day in the safe area.
Sectoral performance was tremendous, as 13 out of the 15 sectors closed in the upward territory, accumulating 881 points collectively. Only Multi-Investment and Insurance sectors closed a little lower from previous day's level, declining by 0.74 percent and 0.25 percent respectively.
Real Estate Development and Petrochemical Industries were best performing sectors of the day, surging by 2.65 percent and 1.53 percent respectively. Banking sector also added 171 points to close at 14,873.17.
Six out of top ten market cap companies ended the day in green.
Al-Rajhi Bank and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, rising by 1.9 percent and 1.4 percent respectively.
There were 93 net advancing issues, a largely strong market breadth.
Ash-Sharqiyah Development Company turned in a splendid performance among all Saudi stocks, soaring up SR 6 or 9.95 percent to close the day at SR 66.25. Alkhaleej Training and Education Company followed it, advancing 6.59 percent for the day.
Amanah Cooperative Insurance, on the contrary, delivered a largely negative performance for the fourth straight day, slipping 8.91 percent further to SR 112.5.
The buying interest started to restore, as more than 198.9 million shares worth SR 5.79 billion exchanged hands on the Saudi Stock Market. This turnover reflects a 38.4 percent increase in terms of volume and 31.3 percent in terms of value as compared to the previous day.

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