Tadawul surges to five-year high

The Saudi Stock market rose on Monday to the highest level (8,084.57 points) in almost five years since Sep. 10, 2008.
Saudi Arabia’s benchmark stock index (TASI) achieving more than hundred points or 1.26 percent rise yesterday signaled rejoicing for Investors to double the celebration of Eid Al-Fitr.
The index finished its trading at 8,072.3, maximizing its year-to-date yield to 18.69 percent.
All market cap indices traded in the positive district.
Most of the major sectors closed in the green territory, accumulating an aggregate of 800 points.
Positive performance was boosted by Telecommunication & Information Technology sector, which surged 2.52 percent to close at 2,584.05.
Banking sector added considerable 315 points, closing up by 1.79 percent.
Top ten heavyweights rose from previous day’s levels, with Etihad Etisalat Co. (Mobily) surging by 3.48 percent, Riyad Bank 3.14 percent and Al-Rajhi Bank 2.59 percent.
Weekly market breadth was strong, as rising stocks outnumbered decliners by a margin of 81 to 48 on the Tadawul market.
Recently traded Aljazira Takaful Taawuni Company shares continued to march upward in a consecutive manner, jumping 9.92 percent further to close the day at SR 31.
Market activity was high, specifically SR 6.4 billion were poured into the market.
Trading volume was impressive, with about 282 million shares changed hands in the market, a significant 18.8 percent growth over the previous level.
The 50-day average for trading volume is closer to 228.2 million shares.
Alinma appeared to be the most active stock of the day, liquidating 44 million shares, which equates 15.6 percent of overall market volume.