- Jeddah: A tug of war was going on between the bulls and bears at Saudi stock market yesterday but it ended in a standoff as the market retreated all the way to 7,513.85 points, which was roughly where it started the day.
- However, bulls had psychological advantage of the previous day's significant victory, which enhanced their confidence further to push the prices of Saudi stocks up slightly.
The Tadawul All-Share Index (TASI) while reflecting large intra-day spike at 7,560.59 points earlier, added nominal 2.14 points or 0.03 percent to close the day in the green territory. On YTD basis it has regained a growth of 17.03 percent.
All sectors performed in a mixed fashion, with five sectors accumulating an aggregate of 311.96 points.
Cement sector outperformed, up 2.04 percent, while, Insurance sector slipped 2.81 percent for the day.
The powerful trading waves expanded Tadawul volume to 718.7 million shares, increasing by 18 percent over the 50-day average of 610.4 million shares. Trading volume was led by Mobile Telecommunications-Zain, which represented a one-fourth relative market share.
Investors continued to flow an optimal level of turnover; specifically, SR13.4 billion were poured into the market, an increase of 5.4 percent from the previous level.