Small caps fail to manage for gains

The Saudi stock market recorded nominal gains yesterday, as the Tadawul All-Share Index (TASI) closed higher to 7,178.1, adding 5.53 points or 0.08 percent for the entire day.
After falling over twenty four points during the session it bottomed out at 7,147.87 points level and started to rise again and finally crossed the break-even line.
Among market cap indices only Small cap could not manage for gains.
Sectoral performance was mixed, with six sectors accumulating an aggregate of 240 points and nine sectors trimming 159 points jointly.
Media and Publishing sector continued to outperform for the second straight day, surging over 105 points or 3.6 percent further and again crossing 3,000-points mark.
Top ten heavyweights closed the day in mixed territories, showing small changes from previous day’s level. The bellwether SABIC (Saudi Basic Industries Corp.) remained prominent, increasing by 0.8 percent to SR 97.5. While, Etihad Etisalat Co. (Mobily) ended 0.6 percent lower to close at SR 81.75.
Most active stocks continued a positive movement yesterday, with Sanad Insurance rising further by 8.6 percent and Emaar the Economic City over three percent.
The market breadth was almost balanced with 65 issues witnessing advances against 64 issues recording declines.
Tihama Advertising & Public Relations Co. stepped up to occupy the top position at Tadawul, marching higher by 9.76 percent to SR 106.75.
Tadawul daily turnover improved further by 18.9 percent on volume basis, 8.96 percent on value basis and 12.7 percent in terms of executed transactions. More than 197 million shares worth SR 5.9 billion changed hands on the Saudi stock market.