Saudi equity market cap rises to SR2.15 trillion

Saudi equity market cap rises to SR2.15 trillion
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Saudi equity market cap rises to SR2.15 trillion
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Saudi equity market cap rises to SR2.15 trillion
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Updated 16 May 2015

Saudi equity market cap rises to SR2.15 trillion

Saudi equity market cap rises to SR2.15 trillion

A huge tug of war was going on between the bulls and bears at Saudi stock market last week but it ended in a standoff as the market retreated all the way to 9,731.54 points, which was roughly where it started the week.
Saudi Arabia's benchmark Tadawul All-Share Index added merely 0.14 percent for the entire week, wavering in a range of 238 points.
Total market capitalization of Saudi stock exchange increased 0.96 percent to SR2.15 trillion as compared to previous week’s SR2.13 trillion.
Saudi Co. for Tools and Hardware (SACO) shares began trading on Tadawul last week, contributing its worth to the increased market cap. After IPO, opening price of SACO was SR77. The company share price surged 32.5 percent in three trading days, closing the week at SR92.75.
Sectoral performance was mixed during the week, as the losses made by the Media (-3.0 percent) and Real Estate (-1.6 percent) being offset by rise in Multi-Investment (+4.9 percent) and Energy (+3.1 percent).
Most of heavyweights closed higher from previous week’s level, with Kingdom Holding soaring up 11.86 percent, Al-Rajhi Bank 5.77 percent and Saudi Telecom Co. 3.96 percent.
Saudi Basic Industries Corp. (SABIC), the biggest market cap company, rose over one percent to SR107.65.
SABIC with a liquidity of SR2.92 billion also topped the value chart, a relative market share of 9.0 percent. Petrochemical sector is accounted for 19.2 percent of the total market turnover.
Dar Al-Arkan Real Estate with a volume of 148.6 million shares secured its most active status, capturing 13.1 percent of the overall market volume.
Market activity remained low last week; specifically 1.14 billion shares worth SR32.3 billion were liquidated at Tadawul. This turnover reflects a weekly decrease of 30 percent on volume basis and 25 percent in terms of value.
Retail sector volume was 52.5 percent down from previous week’s level. While, the volume of Utilities sector increased significantly by 35.3 percent.
Weekly market breadth was unfavorable, with 56 stocks witnessing advances and 106 others marking a decline. Furthermore, upside-downside volume ratio of 0.5:1 remained negative.
Takween Advanced Industries Co. shares climbed to a fresh all-time high of SR77.25 last week but the company finished to the downside slightly.
Most of the major benchmark indices at GCC stock markets ended the week in green, with Qatar Exchange rose 1.9 percent.
On YTD basis, Tadawul and DFM indices are showing good results comparatively, increasing by 16.78 percent and 7.91 percent respectively.
198 GCC stocks advanced and 254 declined last week. Ezdan Real Estate Co. (ERES) and Abu Dhabi Commercial Bank (ADCB) remained prominent among big players of GCC, appreciating by 17.79 percent and 11.02 percent respectively.
— Mushtaq Ahmed and Tazeem Anwar are senior
financial analysts at Zughaibi & Kabbani Financial Consultants.