Real estate sector makes hefty gain of 5.5%

Real estate sector 
makes hefty gain of 5.5%
Updated 11 September 2013

Real estate sector makes hefty gain of 5.5%

Real estate sector 
makes hefty gain of 5.5%

Saudi Arabia’s benchmark stock index (TASI) recorded a handsome gain of 2.9 percent Tuesday, which is the highest intra-day increase in 17 months.
Commenting on Tadawul's bullish outlook, Basil Kabbani of Zughaibi & Kabbani Financial Consultants, said: “Investors react positively on cool down situation between USA and Syria after a political and diplomatic resolve."
However, the index continued pacing its way higher throughout the day to achieve 221.4 points in a single session, closing at 7,864.56.
On year-to-date basis, the index showed a collection of nearly 1,063 points or 15.63 percent. Small cap rose 3.69 percent and remained prominent among market cap indices.
Sectoral performance was tremendous, as all sectors closed in green and accumulated an aggregate of nearly 3,124 points.
Real Estate Development made the biggest jump among all sector indices, marching higher by 5.15 percent to close the day at 4,661.61. Transport and Agriculture sectors followed it, surging nearly five percent for the session.
Top ten heavyweight equities also finished to the upside, with Kingdom Holding increasing by 5.29 percent, Samba Financial Group 3.0 percent, Riyad Bank 2.77 percent and bellwether SABIC (Saudi Basic Industries Corp.) 1.56 percent.
There were 148 net advancing issues, a largely strong market breadth.
The Mediterranean & gulf Insurance and Tabuk agriculture development company remained at top positions among all Saudi equities, soaring up 9.8 percent for the day.
Investors participation remained healthy, specifically SR8.8 billion were poured into the market. Trading volume was impressive, with about 419 million shares changed hands in the market, a significant 125 percent growth over the previous level.
Most of the trading was concentrated in Dar Al-Arkan with 90.2 million shares, capturing 21.5 percent of Tadawul volume. It also maintained a heavy flow of liquidity SR 874.3 million, a relative market share of 10 percent.
Furthermore, Emaar the Economic City remained significant advancer among the most active stocks, reflecting an increment of 8.61 percent.