(MENAFN - Arab News) The Saudi stock market closed at its highest level in almost five weeks on Saturday led by a surge of the heavyweight petrochemical index to its highest level in as many weeks despite generally disappointing quarterly earnings. The Tadawul All-Share Index (TAS) closed 2.79 percent higher at 5,828.56 points, its highest level since June 21.
All the sectors contributed to Saturday's gain, ranging from 0.49 percent by the Cement sector to 5.22 percent by the Petrochemical Industries sector. Market breadth remained strongly positive with 111 advancers against 13 decliners giving an AD ratio of 8.54, backed with an increased liquidity of SR6.2 billion, the Jeddah-based Financial Transaction House (FTH) said on Saturday.
TASI's gains were in reaction to US and Europe markets closing for the second consecutive week with positive gains and increased liquidity. The gains Saturday were led by SABIC (Saudi Basic Industries Corp.) climbing up 7.42 percent SR68.75. TASI has managed to close above its 50 days moving average. The market holds a resistance at around 5,900 level and a support at 5,720 levels for the short term., the FTH said in its daily market commentary.
Savola Group closed 3.53 percent higher at SR24.90, its highest level since June 6 after it announced Saturday the acquisition of Geant retail stores from Fawaz Alhokair Group.
The top gainer Saturday was National Gas & Industrialization Co. as its shares surged 8.67 percent to close at SR24.45. Qassim Agriculture shares increased by 8.61 percent to SR13.25 and Sagr Insurance by 8 percent to SR54.
Alahli Takaful Co. shares fell by 3.43 percent to SR154.75.
Meanwhile, the Capital Market Authority (CMA) announced Saturday that the listing and trading of AXA Cooperative Insurance Company will commence on Monday within the Insurance Sector with an unrestricted price limit for the first day of trading only.
The Saudi Stock Exchange announced Saturday that Alnefaie Investment Group had become a duly licensed, approved and authorized member firm of Tadawul, with the right to conduct brokerage services and deal as principal and agent on the Saudi Stock Exchange.
By Khalil Hanware