Media sector tumbles 21.4 percent in a week

Saudi Arabia’s benchmark stock index turned green last week, recovering a reasonable portion from previous week’s losses.
Despite closing flat for three days during the week, the Tadawul All-Share Index (TASI) dug in at 7,127.68 and finished the week up over 67.6 points or 0.96 percent from its previous weekend close at 7,060.04 points. However, its weekly trading range narrowed to 88.5 points as compared to previous week’s 220 points.
TASI’s year-to-date gains again reached near five percent.
The market capitalization of Saudi stock exchange increased slightly (+0.44 percent), surpassing the previous week’s level of SR 1.43 trillion. Small cap remained prominent among market cap indices, posting a weekly growth of 2.2 percent.
Sectoral performance remained positive, as 12 out of Tadawul’s 15 sectors marched higher, accumulating an aggregate of 1,171 points in a week.
Cement and Construction showed the best weekly performance among sectoral indices, surging nearly four percent.
Media and Publishing sector, on the contrary, posted the largest losses, tumbling 21.4 percent to close the week at 3,027.66. Tihama Advertising & Public Relations Co. showing excessive losses of SR 74.75 or 40.51 percent became the major decliner at Tadawul.
Most of heavyweights closed up from previous week’s level, with Samba Financial Group advancing by 1.56 percent, SABB 1.44 percent and Riyad Bank 1.09 percent.
Weekly market breadth was strong, as rising stocks outnumbered decliners by a margin of three-to-one on the Tadawul market.
City Cement Co. (+18.98 percent), Wafa Insurance (+12.83 percent) and Saudi Paper Manufacturing (+12.58 percent) showing notable gains became the top weekly performers among all Saudi stocks.
Market activity was a little low for the week; specifically 1.1 billion shares worth SR 31 billion were liquidated at Tadawul. But upside-downside volume ratio of 3.5:1 remained favorable.
Mobile Telecommunications Company (Zain) and Northern Region Cement remained significant advancers among the most active stocks, moving up by 6.6 percent and 5.8 percent respectively.
Zain with 112.3 million shares topped the volume chart, capturing 10.2 percent of the overall market volume.
All major benchmark indices at GCC stock markets ended the week in green, with Dubai Financial Market rose over 6.5 percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,183.96 points level, adding 77.45 points or 1.89 percent for the entire week.