(MENAFN - Arab News) After seven consecutive negative trading sessions, the Saudi stock market has managed to open on a positive note for the week with market-heavyweight Saudi Basic Industries Corp. (SABIC) registering gains.
The Tadawul All-Share Index (TASI) closed 0.95 percent higher at 5,670.92 points. Almost all sectors closed with positive gains, ranging from 0.10 percent by the Energy & Utilities sector to 3.83 percent by the Hotel & Tourism sector, except the Cement sector which closed with a minimal loss of 0.02 percent. Market breadth remained positive with 106 advancers and 17 decliners giving an AD ratio of 6.23, the Jeddah-based Financial Transaction House (FTH) said.
Market liquidity has not, however, made any improvements and still remains range bound at the SR2 billion-SR2.5 billion levels. Sunday's intraday gain has not led TASI to cross the 20 and 50 days moving average and hence cautious trading is advised in the short term, the FTH said in its daily market commentary.
Shares in SABIC ended 2.55 percent higher at SR70.5. Two insurance firms, favored by day-traders, make it among the day's top five gainers.
SABB Takaful shares surged 9.98 percent to SR44.1 and Alahli Takaful Co. shares closed 7.11 percent higher at SR101.75.
Shares in the newly traded Mouwasat Medical Services Company gained 9.57 percent to SR57.25 on Saturday.
Alinma Bank shares increased by 1.61 percent to SR12.65 and topped the day's most actively traded stocks.
Al-Rajhi Bank shares edged higher by 0.75 percent to SR67.50. However, shares in the Saudi Investment Bank, Riyad Bank and Banque Saudi Fransi declined on Saturday.
Allied Cooperative Insurance Group shares dropped by 2.05 percent to SR59.75, Tihama Advertising & Public Relations Co. by 1.70 percent to SR28.90 and Southern Cement by 1.59 percent to SR62.
By Khalil Hanware