JEDDAH: After falling nearly five percent last week and 0.04 percent on Saturday, the Saudi stock market rebounded yesterday.

The Tadawul All-Share Index (TASI) surged 1.67 percent or 149.95 points to close at 9,145.03 on hopes of strong profit growth in the second quarter of listed companies.

The stock market turnover was over SR8 billion as 84 companies were in the black, while shares of 20 companies were in the red.

Shares of Saudi Basic Industries Corp. (SABIC) surged 2.63 percent to SR136.25 as its affiliates, Saudi Arabian Fertilizers Co. (SAFCO) and Hadeed have signed an agreement to construct a 50:50 owned facility in Jubail Industrial City for the production of flat steel products with an annual capacity of 1.7 million metric tons.

Shares of Saudi Ceramic Co. jumped by 9.84 percent to SR145 and National Metal Manufacturing and Casting Co. by 9.83 percent to SR67.

Anaam International Holding Group Co. was the top loser yesterday as its shares plunged 4.18 percent to SR57.25.

Shares of Saudi Telecom Co. increased 1.28 percent to SR59 and Zain KSA by 2.24 percent to SR22.75 yesterday. However, shares of Etihad Etisalat (Mobily) declined by 1.96 percent to SR50.

Meanwhile, the Capital Market Authority (CMA) announced that the listing and trading of Abdullah Al-Othaim Markets Company will take place today within the retail sector and Halwani Bros Company shares will be listed on Wednesday within the agriculture and food industries sector, with an unrestricted price limit for the first day of trading only.

Saudi Arabian Mining Co.(Maaden) received huge response for its ongoing initial public offering. Over 3.7 million subscribers have invested SR5.44 billion into the IPO which covers 93 percent of the offer at the end of the fourth day.

BMG index up

The BMG Saudi Index continued to rise, witnessing a 1.7 percent increase in yesterday’s session in its closing level to reach 500.52 points. The market turnover also advanced by 17.7 percent to SR3.5 billion ($927 billion), compared to SR3 billion ($788 million), registered in Saturday’s trading session.

The insurance sector was the best performer, climbing by 3.2 percent, whereas the telecommunications and electricity sectors went up by 2.2 percent and 2.1 percent, respectively. The industrial sector followed the same trend, rising by 2.0 percent, whilst the banking and services sectors ascended by 1.2 percent and 0.7 percent, respectively.

Six shares saw no change in their closing prices, while 22 shares appreciated.