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Business & Economy

Tadawul takes a positive turn

After three consecutive days of trading in the red, the Saudi stock market rebounded yesterday.
The Tadawul All-Share Index (TASI) dug in at 7,034.74 and ended its yesterday’s trading up slightly by 0.13 percent.
Spending most of the session in the downward territory, it took a sharp uplift just before the closing bell, gaining nine points.
It wavered within a trading range of 22.5 points yesterday.
The market cap indices closed the day in mixed territories.
Sector indices also performed in a mixed fashion, with nine sectors reflecting an accumulation of 169 points and six sectors shedding 155 points collectively.
The losses made by the Cement (-0.66 percent) and Hotel & Tourism (-0.64 percent) being offset by rise in Energy & Utilities (+0.71 percent) and Petrochemical Industries (+0.4 percent).
Al-Rajhi Bank and Saudi Electricity Co. (SECO) showed the best performance among heavyweight stocks, rising 0.7 percent for the day. On the other hand, Kingdom holding ended lower, declining 2.63 percent to close at SR20.4.
Advancing stocks outnumbered decliners by a margin of 65 to 57 and the prices of 34 companies remained unchanged.
Insurance stocks topped the performance chart at Tadawul, with Weqaya Insurance soaring up 9.62 percent, Saudi Indian Co. for Cooperative Insurance 7.05 percent and Alalamiya Cooperative Insurance 5.62 percent.
Market activity was high, specifically SR 6.2 billion were poured into the market. Trading volume was impressive, with about 268 million shares changed hands in the market, a significant 17.7 percent growth over the previous level. The 50-day average for trading volume is closer to 213 million shares.

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