The Saudi stock market depicted a positive drive last week. Despite closing lower for two days during the week, the Tadawul All-Share Index (TASI) dug in at 7,025.37 and finished the week up over 25 points or 0.37 percent from its previous weekend close at 6,999.53 points.
The index touched an intra-week high of 7,062.04 and low of 6,968.14 levels, reflecting a trading range of 94 points last week.
Total market capitalization of Saudi stock exchange increased 0.62 percent to SR1.44 trillion as compared to previous week’s SR 1.43 trillion.
National Medical Care shares began trading on Tadawul last week, contributing its worth to the increased market cap. It pumped more liquidity into the market, contributing SR 6.5 billion in a single day, a relative market share of 22.2 percent.
Sectoral performance remained positive for the week, as 9 out of Tadawul’s 15 sectors marched higher, accumulating an aggregate of 446 points in a week.
Telecommunication & Information Technology outdid rest of the sectors, reflecting an increment of 2.18 percent for the entire week to close at 2,330.76. Real Estate Development and Retail sectors followed it, advancing 1.96 percent and 1.57 percent respectively.
On the negative side, six sectors ended the week lower, trimming 287 points jointly. Multi-Investment sector continued its downward fall for the fourth consecutive week, shedding 2.19 percent further to 3,548.5.
Advances outnumbered the decliners by a margin of 80 to 63 and the prices of 14 companies remained unchanged. Furthermore, upside-downside volume ratio of 1.4:1 remained positive.
Saudi Indian Company for Co-operative Insurance (WAFA Insurance) continued to show a splendid performance for the second straight week, soaring up 33.3 percent further and closing at SR 100. Salama Insurance was another significant gainer, moving up by 20.49 percent.
SABB and Etihad Etisalat Co. (Mobily) showed the best performance among heavyweight stocks, rising 3.40 percent and 2.91 percent respectively.
Investors continued to flow an optimal level of turnover; specifically, 878.9 million shares worth SR 29.2 billion changed hands on the Saudi stock market last week. This turnover reflects a weekly growth of 50.4 percent on value basis and 16.6 percent in terms of volume.
The major benchmark indices at GCC stock markets all ended the week in green. The benchmark GulfBase GCC General Index closed the week higher at 4,088.13 points level, adding 20.76 points or 0.51 percent for the entire week.
Market cap rises to SR1.44 trillion
