Tadawul surges to two-week high

It turned out to be largely positive for investors yesterday, as Saudi Arabia’s benchmark stock index recorded a handsome gain of 1.14 percent, which is the highest increase during last two weeks.
The index continued pacing its way higher throughout the day to achieve 85.1 points in a single session, closing at 7,557.24.
Its trading range expanded to 106 points as compared to 42 points of previous day.
On year-to-date basis, the TASI logged an attractive return of 11.12 percent.
All market cap indices finished to the upside, with Large cap increasing by 1.3 percent.
Eight out of top 10 large caps witnessed a positive change. Riyad Bank and Samba Financial Group performed well relatively, achieving a daily growth of 3.83 percent and 2.94 percent respectively.
Sectoral performance was tremendous, as 12 out of Tadawul's 15 sectors closed up, reflecting an accumulation of 777 points.
Banks & Financial Services made the biggest jump among all sector indices, marching higher by 2.5 percent or nearly four hundred points to close the day at 16,364.32. The Saudi Investment Bank remained key gainer in this sector, surging by 5.51 percent for the day.
Transport sector was another significant gainer, advancing more than two percent.
The market breadth with advance-decline ratio of 1.7:1 remained favorable.
Arabian Shield Cooperative Insurance played well among all Saudi companies, marching higher by 9.8 percent to close the day at SR 54.25.
Most active stocks also extended gains, with Saudi Mobile Telecommunications (Zain) moving up 9.65 percent, Atheeb Telecom 5.22 percent and Emaar the Economic City 3.09 percent. Most of the trading was concentrated in Emaar with 56.2 million shares, capturing 13.9 percent of Tadawul volume.
Market activity remained roughly 20 percent greater than previous level; specifically 403.8 million shares worth SR 8.5 billion were flowed at Tadawul.