JEDDAH: The Saudi stock market reversed earlier losses to close the last day of trading in the week on positive note. The Tadawul All-Share Index (TASI) edged higher by 97.41 points to 8,128.10 yesterday after falling 2.60 percent on Tuesday.
Volume and value of traded shares decreased by 9.8 percent and 9.4 percent respectively.
Jabal Omar Development Co. was the top gainer as its shares jumped 9.41 percent to SR23.25, while Saudi Fransi Cooperative Insurance Co. shares suffered 2.51 percent fall to close at SR67.75. The market P/E and P/BV ratio stood at 15.0 and 2.8 respectively, Falcom Financial Services said in its daily report yesterday.
Meanwhile, Tadawul announced on Tuesday that the Eid Al-Fitr holiday will be from Sept. 29. Trading will resume after the holiday on Oct. 6 at normal market opening hours. The Saudi stock market will be closed on Sept. 23 for the occasion of National Day.
BMG turnover falls
The BMG Saudi Index witnessed a 1.7 percent increase in yesterday’s session to reach a closing level of 438.50 points. The total market turnover maintained its negative trend, depreciating by 7.0 percent from Tuesday’s session, to reach SR1.7 billion ($440 million) versus SR1.8 billion ($470 million) on Tuesday.
All the sectors witnessed an increase. The best performer was the services sector, stepping up by 2.7 percent, followed by the insurance sector, appreciating by 2.3 percent; the industrial sector by 2.2 percent; the banking sector by 0.8 percent; whereas the telecommunications sector increased by 0.3 percent.
Seventeen shares went up and six stood still, while seven depreciated.
The leading shares performed positively, with Al-Rajhi Bank’s shares appreciating by 0.9 percent to SR83.75, whilst Saudi Basic Industries Corp.’s (SABIC’s) share price went up by 3.6 percent to SR114.50, helping to bring the overall market up.
