Saudi equity market cap falls to SR2.13 trillion

Saudi equity market cap falls to SR2.13 trillion
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Saudi equity market cap falls to SR2.13 trillion
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Saudi equity market cap falls to SR2.13 trillion
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Updated 09 May 2015

Saudi equity market cap falls to SR2.13 trillion

Saudi equity market cap falls to SR2.13 trillion

The Saudi stock market was in the red last week, reversing after a 4-week surge and dropping 1.19 percent.
The benchmark Tadawul index reflecting a 3-day fall during the week, closed at 9,717.9 points last week, trimming 116.6 points for the entire week.
The index went 50 points above and 171 points below the break-even line during the week.
On an YTD basis, TASI registered a positive return of 1,385 points or 16.62 percent.
The market capitalization of Saudi stock exchange reached to SR2.13 trillion, decreaswing 1.34 percent from the previous week’s value.
Med cap was the major decliner among market cap indices, falling one and half percent last week.
Insurance suffered worst of all sectors, showing a reduction of 3.97 percent to close the week at 1,597.82. Energy and Tourism sectors followed it, declining by 3.38 percent and 2.96 percent respectively.
Building & Construction was the single advancing sector, closing the week slightly up to 3,787.77. The volume of this sector increased significantly (15.2 percent) from 104 million shares to 120 million shares.
Top 10 heavyweight equities also finished the week to the downside, with Saudi Electricity Co. dipping by 3.49 percent, Jabal Omar Development Company 2.8 percent and Petrochemical giant Saudi Basic Industries (SABIC) 2 percent.
But SABIC pumped SR4.2 billion into the market, topping the liquidity chart.
The market breadth was in the favor of bears as out of 164 issues traded last week only 49 managed for gains.
Middle East Paper Co. (MEPCO) started shares trading on Tadawul last week with opening price of SR30.00. MEPCO floats 30 percent of its shares in secondary market. The company achieved a growth of sixty percent in a week, finishing at SR48.1.
Al Ahlia Insurance was another significant advancer, which gained 12.02 percent to SR15.5.
On the other side of the spectrum, ANB Insurance and Saudi Automotive Services Co. suffered the greatest amount of damages, turning down 16.76 percent and 14.86 percent respectively.
Market activity remained roughly 20 percent lower than previous week’s level.
More than 1.61 billion shares worth SR43.4 billion changed hands on the Saudi stock market last week. Furthermore, upside-downside volume ratio of 0.6:1 remained unfavorable.
Again Dar Al-Arkan Real Estate with trades over 275 million shares topped the volume chart, capturing 17 percent of the overall market volume.
Most of the major benchmark indices at GCC stock markets ended the week in red, with Dubai Financial Market fell 2.97 percent. Qatar Exchange index gained around one percent on week-to-date basis.
Emaar Properties; the largest company in term of market cap at Dubai financial market, its value of shares declined 5.22 percent during the week and closed at AED7.81.
Zain Group’s shares value at Kuwait stock exchange decreased by 3.1 percent during the past week.

— Mushtaq Ahmed and Tazeem Anwar are senior financial
analysts at Zughaibi & Kabbani Financial Consultants.