Monday, 23 October 2017 04:26 GMT
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Saudi Real estate sector rises over 2 percent

(MENAFN - Arab News) Despite a plunge of 33 points after the opening bell, the benchmark Tadawul All-Share Index (TASI) finished with a balmy gain of 0.15 percent or 12.78 points, closing at 8,618.12. Positive performance was boosted by Real Estate Development sector, which surged 103.3 points or 2.15 percent to close at 4,898.69. Petrochemical Industries was another significant gaining sector, advancing by 0.6 percent for the day. Insurance sector, on the other hand, posted the largest losses, falling 0.86 percent to close the day at 1,192.54. Top 10 market cap companies closed the day in mixed territories, showing small changes from previous day's level. Saudi Telecom and Kingdom Holding came out as significant players among heavyweights, offsetting their performance by one percent positive-negative change. Market breadth with advance-decline ratio of 0.41:1 remained negative. Share price of ANB Cooperative Insurance rallied to a maximum growth of 10 percent, closing the day at SR79.75. Makkah Construction and Development Co. and Sahara Petrochemical Co. followed it, marching higher by 8.02 percent and 5.0 percent respectively. After sequential run-ups new player Bawan Company has fallen prey to profit-taking, dropping 8.96 percent for the day. But the company dominated the trading activity, pouring roughly 29 million shares, which equates 13.4 percent of Tadawul's total volume. The value of these shares reached to SR1.9 billion, a relative market share of 28.1 percent. Share trading activity remained high as compared to previous day; turnover went up by 35 percent in terms of value and 10.5 percent on volume basis. More than 216.2 million shares worth SR 6.9 billion exchanged hands on the Saudi Stock Market. The 50-day average for trading volume is closer to 180.8 million shares.


Saudi Real estate sector rises over 2 percent