(MENAFN - Arab News) The new Arabia Insurance Cooperative Company made a strong debut on the Tadawul yesterday.
The SR10 Arabia Insurance's shares opened at SR59.75 and reached a high of SR104.75 and a low of SR59.50 before closing at SR78 on the first day of trading. It is the 111th company to be traded on Tadawul and 16th in the insurance sector.
The Capital Market Authority (CMA) also announced yesterday that the listing and trading of Trade Union Cooperative Insurance Company will take place on Feb. 9.
The Tadawul All-Shares Index (TASI) surged 93.45 points to close at 9,747.27 yesterday.
The insurance sector continued to surge yesterday. The Insurance Index gained 2.28 percent to 2,096.28. Shares of Saudi IAIC Cooperative Insurance Co. jumped 9.98 percent to SR137.75, Malath Cooperative Insurance and Reinsurance Company by 8.37 percent to SR123 and Tawuniya (the National Company for Cooperative Insurance) by 4.96 percent to SR148. However, shares of Al-Ahlia Insurance company dropped by 4.41 percent, Saudi Fransi Cooperative Insurance Company by 4.24 percent, Sanad Insurance & Reinsurance Cooperative Company by 3.38 percent and Saudi United Cooperative Insurance Company by 3.25 percent.
The banking sector was also in positive territory yesterday. Riyad Bank shares edged higher by 3.98 percent, The Saudi Investment Bank by 2.18 percent and Samba Financial Group by 2.15 percent.
Shares of Saudi Basic Industries Corp. (SABIC) increased slightly to SR162.50 yesterday.
In the telecom sector, shares of Saudi Telecom Co. edged higher by 0.65 percent to SR77 and Etihad Etisalat by 4.34 percent to SR72.
Shares of the newly listed Rabigh Refining and Petrochemical Co. (Petro Rabigh) surged 2.94 percent to SR52.50. Over SR2.71 billion worth of Petro Rabigh shares changed hands yesterday.
The stock market turnover was SR11.88 billion yesterday compared to SR9.42 billion on Sunday.