The Saudi stock market bucked the two-week downward trend and rose last week on the back of strong performance by the Tourism and Banking sectors.
Saudi Arabia's benchmark Tadawul All-Share Index dug in at 7,668.58 and finished the week up over 2.1 percent or 164.2 points, from its previous weekend close at 7,504.38 points. Its weekly trading range expanded to 206 points as compared to previous week's 128 points.
TASI’s year-to-date collection increased to 867.4 points or 12.75 percent.
Total market capitalization of Saudi stock exchange surged to SR1.53 trillion, an increase of 1.9 percent from the previous week's level. Large Cap showed the best performance among market cap indices, advancing more than two and half percent in a week. Big players witnessed a positive weekly change, with Al-Rajhi Bank jumping nearly 7.0 percent, Samba Financial Group 4.25 percent, SABB 3.23 percent and bellwether SABIC (Saudi Basic Industries Corp.) 2.19 percent.
Sectoral indices also showed modest gains, with 12 sectors accumulating an aggregate of 2,270 points for the week. Tourism and Banking were best performing sectors of the week, both surging over 4.5 percent.
Only three sectors ended the week in red, shedding 177 points collectively. Media and Publishing came out as the biggest decliner, falling 4.2 percent to close at 2,710.52. Saudi Printing & Packaging Company posting largest losses of 12.97 percent became the major decliner at Tadawul.
The advancers easily outnumbered declining stocks on the Tadawul (market) last week as for 69 percent stocks that gained, 24 percent ended lower and 7 percent remained unchanged.
Insurance stocks were the significant winners of the week with Salama Insurance and Wafa Insurance, marching higher by 16.83 percent and 14 percent respectively.
Market activity was a little low for the week; specifically 836.1 million shares worth SR 24.2 billion were liquidated at Tadawul. But upside-downside volume ratio of 1.8:1 remained favorable.
Alinma Bank with a volume of 90.5 million shares topped the volume chart, reflecting a relative market share of 10.8 percent. While, SABIC pumping a liquidity of SR 1.8 billion secured its most liquid status, closing at SR 93.5.
All major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 4,436.42 points level, adding 52.34 points or 1.19 percent for the entire week.
Market cap surges to SR 1.53 trillion
