Sunday, 22 October 2017 12:09 GMT
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Saudi- Telecom sector surges over 2%

(MENAFN - Arab News) Saudi Arabia's benchmark Tadawul All-Share Index (TASI) finished to the upside at 8,745.28 points Wednesday, adding 48.89 points or 0.56 percent for the entire session



While curving in the upward territory throughout the day it rose to a maximum gain of 61 points



Large cap with 0.93 percent positive change remained prominent among market cap indices. Most of large caps showed modest gains, with Etihad Etisalat Co. (Mobily) increasing by 2.9 percent, Samba Financial Group 2.5 percent and the bellwether SABIC (Saudi Basic Industries Corp.) 1.7 percent. SABIC also topped the value chart, pumping more liquidity (SR 656.4 million) into the market



Most of the major sectors closed in the green territory, accumulating an aggregate of 571.8 points



Telecommunication & Information Technology showed the best performance among all sectors, surging over two percent and closing at 2,801.46. The sector also contributed 31.8 percent to the overall market volume and 22 percent into the liquidity



Agriculture and Retail sectors followed it, advancing more than one percent for the day



Market breadth remained slightly negative, with 63 stocks witnessing advances and 72 others marking a decline. But upside-downside volume ratio of 2.2:1 remained favorable



Etihad Atheeb Telecommunication Company made the biggest jump among all Saudi equities, soaring up 9.69 percent to close the day at SR15.85



Market activity was high; specifically 246.8 million shares worth SR7.4 billion were transacted at Tadawul. This turnover reflects an increase of 22.0 percent on volume basis and 23.8 percent in terms of liquidity



The 50-day average for trading turnover is closer to 191.6 million shares worth SR5.3 billion


Saudi- Telecom sector surges over 2%