JEDDAH: Saudi shares closed on Saturday with their biggest one-day gain since Dec. 14. The market kept its upward momentum from last week when the Tadawul All-Share Index (TASI) gained slightly. The TASI closed on Saturday at 6,326.19, up 63.35 points or 1.01 percent.
Banks and the financial services sector dominated the market. Shares in SABB (Saudi British Bank) jumped 8.27 percent to close at 44.50. Riyad Bank shares increased by 6.91 percent to SR27.80, Arab National Bank by 4.43 percent to SR44.80, Saudi Hollandi Bank by 3.29 percent to SR31.40, The Saudi Investment Bank by 3.03 percent to SR18.70 and Samba Financial Group by 2.79 percent to SR55.25.
Al-Rajhi Bank shares surged by 2.41 percent to 74.25 as the bank posted a lower-than-expected 3.2 percent rise in its fourth quarter net profit. The only loser in the banking sector was Bank Albilad as its shares declined by 2.02 percent to SR19.40.
Six out of 15 sectors closed with gains ranging from 0.11 percent telecoms to 3.23 percent by the financial services sector. The losses ranged from 0.01 percent by the transport sector to 0.97 percent by the media and publishing sector.
The overall market breadth however remained negative with 46 advancers against 73 decliners giving an AD ratio of 0.6301, the Jeddah-based Financial Transaction House said in its daily market commentary on Saturday.
Shares in Saudi Basic Industries Corp., the largest listed firm, ended 0.57 percent higher at SR88.50 on Saturday. The company is expected to announce its fourth-quarter earnings this week.
Kingdom Holding Co. was the top gainer as its shares skyrocketed the maximum 10 percent limit to close at SR6.60 on Saturday.
The biggest loser on Saturday was National Industrialization Co. as its shares tumbled 4.08 percent to SR28.20.
The stock market turnover was over SR3.42 billion on Saturday compared to SR15.18 billion for whole last week.
