National Medical shares surge 351.8% on debut

The Saudi stock market rebounded yesterday, recovering a major portion of previous day's losses.
Tadawul All-Share Index (TASI) advanced over 38.9 points or 0.56 percent for the entire day to close at 7,025.37. It traded in a little high range (62.75 points), moving 44.4 points up and 18.3 points below the level of opening bell yesterday.
The market cap indices all finished to the upside, with Micro cap rising more than 1.2 percent.
Most of the sector indices ended positively, with thirteen sectors accumulating an aggregate of 514 points. Hotel & Tourism made the biggest jump among sectoral indices, posting a reasonable growth of 1.65 percent to 9,491.73. Insurance sector followed it, increasing by 1.59 percent.
Only Retail and Media sectors showed a negative change, trimming 61 points jointly.
Top ten heavy weights also closed higher from previous day's levels, with SABB growing 1.51 percent, Etihad Etisalat Co. (Mobily) 1.27 percent and Saudi Telecom Co. 0.74 percent.
National Medical Care Company shares began trading on Tadawul yesterday with the opening price of SR 81. Its shares closed at SR 122. On first day it recorded a substantial gain of 351.8 percent. It also dominated the trading activity at Tadawul, contributing more than 59 percent to the overall market liquidity. Its 66.9 million shares worth SR 6.5 billion were liquidated yesterday.
Market breadth was largely positive, as out of 157 stocks traded yesterday only 21 could not manage for gains.
Insurance companies were the significant winners among all Saudi stocks, with Al Alamiya for Cooperative Insurance surging by 8.7 percent, Saudi Indian Company for Co-operative Insurance 7.2 percent and Salama Insurance 6.0 percent.