Saudi continues upward momentum

The Saudi stock market continued its positive movement and managed a third straight rise yesterday, accumulating more than thirty points.
The Tadawul All-Share Index (TASI) set out with 18.5 points fall yesterday but subsequent trading sent it higher and higher to close at 7,081.88 points, adding 0.44 percent for the entire day.
The market cap indices all finished to the upside, with Med cap rising half percent for the day.
Most of the sector indices ended positively, with thirteen sectors showing a collection over 500 points. Hotel & Tourism made the biggest jump among sectoral indices, posting a reasonable growth of 1.38 percent to 9,736.44. Media and Publishing sector followed it, advancing more than one percent.
Only Telecom and Industrial Investment sectors showed a negative change, trimming a nominal of 11 points.
Six out of top ten heavy weights closed higher from previous day's levels, with Saudi Arabia Fertilizers Co. (SAFCO) growing 1.76 percent, Samba Financial Group 0.88 percent and SABB 0.59 percent.
Saudi Telecom Co. was the single declining heavyweight, going down by 1.97 percent.
Market breadth was positive, whereby 95 symbols closed in green and 36 closed in red, while 26 remained unchanged.
Al-Sagr Company for Cooperative Insurance led the top gainers chart at Tadawul, surging by 9.5 percent and closing at SR 35.7.
On the other hand, new player National medical care company with a turnover of SR 976.8 million secured its most liquid status but the company suffered worst of all equities for the second straight day, showing a further reduction of SR 11 or 10 percent to close at SR 99.
Tadawul volume, however, improved by 19.2 percent as 230.4 million shares, worth SR 6.8 billion changed hands during the day, an improvement from 193.3 million shares that were traded on Saturday.