JEDDAH: After five consecutive days of trading in the red, the Saudi stock market rebounded yesterday, recovering more than 55 points.
The Tadawul All-Share Index (TASI) opened with positive note on its first trading day of the new week; spending most of the session above the break-even line edged higher at 7,105.04, up 0.79 percent from previous level.
TASI's year-to-date gains improved slightly to 10.71 percent.
All market cap indices traded in the positive territory.
Most of the major sectors closed in the green territory, accumulating an aggregate of over 650 points.
Positive performance was boosted by Insurance sector, which surged 57.72 points or 3.99 percent to close at 1,503.93. AXA Cooperative Insurance, ACE Arabia Insurance and Allied Insurance Group showed a tremendous performance among all Saudi equities, soaring up by 9.93 percent, 9.88 percent and 9.83 percent respectively.
On the other hand, Energy and Cement sectors turned red just before the closing bell, paring 24 points jointly.
Market breadth was largely positive, whereby 123 symbols closed in green and 16 closed in red, while 15 remained unchanged.
The market leader SABIC (Saudi Basic Industries Corp.) played well among heavy weights, surging 2.24 percent to SR 91. Etihad Etisalat Co. (Mobily) followed it, increasing by 1.81 percent. However, Samba Financial Group could not manage for gains, trimming 0.63 percent for the day.
Tadawul index picks up sharply
