The prices of Saudi equities surged for the third straight week, witnessing the long-term upward trend last week.
The Tadawul All-Share Index (TASI), while moving upward for most of the week, closed at the end of the week at 7,095.48 points. It added 70.1 points for the entire week, up exactly one percent.
On year-to-date basis, the index showed a collection of 294 points or 4.33 percent.
The market cap indices all finished to the upside, with Micro cap rising nearly three percent last week.
The market capitalization of Saudi stock exchange increased slightly (+0.6 percent), surpassing the previous week’s level of SR 1.44 trillion.
All sectors extended weekly gains except Media and Banking, which pared nearly one hundred points jointly. Remaining 13 sectors accumulated more than 1,050 points last week.
Insurance sector remained at top showing an increment of 4.76 percent, 1,305.23 from 1,245.88. Hotel & Tourism sector followed it, gaining more than 300 points or 3.2 percent. Retail sector was another significant gainer last week, advancing over 200 points or 2.6 percent and crossing 8,000 points mark.
Saudi Arabia Fertilizers Co., Etihad Etisalat Co. (Mobily) and market leader SABIC (Saudi Basic Industries Corp.) came out as key gainers among heavyweight equities, moving up by 2.9 percent, 1.6 percent and 1.1 percent respectively.
Weekly market breadth was positive, whereby 112 symbols closed in green and 36 closed in red, while 9 remained unchanged. Furthermore, upside-downside volume ratio of 3.1:1 remained strong.
Allianz Saudi Fransi Coop. Insurance outdid rest of the Saudi equities, marching higher by SR 11.5 or 22.12 percent to close the week at SR 63.5. Wataniya Insurance followed it, showing a positive weekly change of 19.9 percent. Furthermore, Saudi Indian Company for Co-operative Insurance (WAFA Insurance) continued its upward march for the third consecutive week, soaring up 19 percent and closing at SR119.
Tadawul weekly turnover, however, improved by 8.1 percent on volume basis, 10.7 percent on value basis and more than fifty percent in terms of executed transactions. More than 950 million shares worth SR 32.4 billion changed hands on the Saudi stock market.
Recently traded National medical care company with a turnover of SR 5.6 billion topped the value chart but its advantage (+351.8 percent) over IPO price minimized, as the company has showed a reduction of nearly 32.2 percent in a week.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 4,101.64 points level, adding 13.5 points or 0.33 percent for the entire week.
Reproduced with permission from Arab News