Media sector surges over 24% in a week

The prices of Saudi equities surged for the sixth straight week, witnessing the long-term upward trend last week.
Despite closing lower for two days during the week, the Tadawul All-Share Index (TASI) dug in at 7,237.82 and finished the week up nearly 60 points or 0.83 percent from its previous weekend close at 7,178.1 points.
Its weekly trading range expanded to 159 points as compared to previous week's 90 points.
On an YTD basis, TASI registered a positive return of 436.6 points or 6.42 percent.
Total market capitalization of Saudi stock exchange increased 0.65 percent to SR 1.48 trillion as compared to previous week's SR 1.47 trillion. The market cap indices all finished to the upside, with Micro cap rising 4.5 percent.
Ten out of Tadawul's 15 sectors ended positively, accumulating 3,332.4 points in a week.
Media and Publishing made the biggest jump among sectoral indices, posting a solid growth over 24 percent to 3,763.28. Hotel & Tourism sector also continued its upward march, surging 1,540 points or 14.8 percent to close below 12,000-mark.
Most of heavyweights closed higher from previous week’s level, with SABB advancing by 5.97 percent, Samba Financial Group 2.48 percent and Riyad Bank 1.74 percent.
Weekly market breadth was strong, as advances outnumbered the decliners by a margin of 93 to 57 and the prices of 7 companies remained unchanged.
Tihama Advertising & Public Relations Co. and Tourism Enterprise Co. continued to dominate the weekly performance chart in a consecutive manner, marching higher further by 60.2 percent and 31.3 percent respectively.
Market activity remained roughly 30 percent greater than previous week’s level.
More than 1.1 billion shares worth SR 35.8 billion changed hands on the Saudi stock market last week. Furthermore, upside-downside volume ratio of 1.03:1 remained slightly favorable.
Emaar the Economic City with trades over 77.1 million shares topped the volume chart, capturing 6.7 percent of the overall market volume.
Most of the major benchmark indices at GCC stock markets ended the week in green, with Dubai Financial Market rose over five percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,159.6 points level, adding 22.80 points further or 0.55 percent for the entire week.