The Saudi stock market saw a significant recovery on Tuesday, passing through a profitable session of 2.13 percent. Improvement in oil prices is the main reason of market surge.

The benchmark Tadawul All-Share Index rose sharply by 183.7 points for the entire session to close at 8,802.36. TASI’s year-to-date gains reached 5.63 percent.

Med cap index remained prominent with a growth of 2.34 percent, the GulfBase said in its market commentary.

Sectoral performance was tremendous, as all sectors closed in green and accumulated an aggregate of 2,608.4 points.

Real Estate Development sector advanced 326.2 points or 4.36 percent over the day, posting the biggest gains among all sectors. Transport sector followed it, achieving a growth of 2.76 percent.

Tourism and Multi-Investment sectors added considerable 2.4 percent.

Most of heavyweights extended gains, with SABB surging by 4.37 percent, Samba 3.78 percent and bellwether Saudi Basic Industries Corp. (SABIC) 3.02 percent.

There were 131 net advancing issues, a largely strong market breadth. Share price of Knowledge Economic City (KEC) rallied to a maximum growth of 9.86 percent, clinching the spot as top gainer amongst Saudi stocks.

Emaar the Economic City and Takween Advanced Industries were other significant gainers, rising by 9.47 percent and 9.26 percent respectively.

Takween shares also hit a fresh all-time high before closing at SR69.33. The company volume was 450 percent greater than that of Monday.

Dar Al-Arkan Real Estate continued to dominate the trading activity, liquidating over 67 million shares, which equates 22.9 percent of the overall market volume.

The value of these shares totaled SR566.8 million which accounted for 8.5 percent of the market liquidity.

Tadawul volume with trades roughly 293 million remained 41.2 percent greater than previous level but still it was 17.7 percent lower than 50-day average.

A good amount of liquidity SR6.7 billion flowed into the market, an increase of 25 percent as compared to previous level.