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MENAFN - Arab News - 18/02/2012

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(MENAFN - Arab News) Tadawul All-Share Index (TASI) added about 15 points, or 0.22 percent, during the week ending Wednesday to close at 6,811.97 points, compared to the prior week, which closed at 6797.09 points. It showed minor zigzag moves through the week and sentiment was mixed. The index touched an intraweek high of 6,841.55 and low of 6,771.95 levels. Most of heavy weights closed in red; where SABIC (Saudi Basic Industries Corp.) dipped by 1.31 percent, Al-Rajhi Bank 1.01 percent and Saudi Arabia Fertilizers Co. (SAFCO) 3.43 percent.

The best performing sector for the week was Media and publishing up 9.01 percent, while the worst performing sector was Transport down 1.26 percent.

Most of the trading was concentrated in the banking sector with Riyad Bank and Alinma Bank; both witnessed SR4.1 billion of trading value, capturing 9.6 percent of the total value of shares traded on the Tadawul. Riyad Bank became the most active stock and topped the weekly value chart with a turnover of SR2.45 billion. While, the volume chart was led by Alinma Bank with trades of over 149.9 million shares. Zain KSA ranked second with trades of over 130 million shares.

Zain KSA share rated "Underweight" by Al-Rajhi Capital; its target price was reported by Al-Rajhi Capital at SR6 with a potential downside of 18.9 percent from its market price of SR7.40 at report date, Feb. 14, 2012.

Market capitalization increased by 2.34 percent to reach SR1.34 trillion compared to SR1.31 trillion at the end of previous week.

The market turnover went slightly down by 2 percent and traded 1.89 billion shares as compared to previous week's 1.93 billion shares. The total value of traded shares reached SR42.3 billion as compared to previous week's SR43.2 billion. The number of executed transactions reached 863.1 thousand as compared to 953.4 thousand transactions for the previous week, decrease of 9.5 percent.

The advance-decline ratio was 1.1:1. Insurance stocks were the significant winners throughout the week with SABB Takaful and Allianz Saudi Fransi Cooperative Insurance, rising by 48.4 percent and 23.3 percent respectively. Saudi Printing & Packaging Co. ranked third, accounting for 22.14 percent. Saudi Cable Co. and Takween suffered profit taking and shed 7.24 percent and 6.76 percent respectively.

All GCC stock markets ended the week on a higher note except Qatar Exchange (QE); it ended at 8,544.18 points, reduced by 1.68 percent during the week. Kuwait Stock Exchange index led the GCC markets; it gained 2.02 percent and closed at 5,982.20 points followed by Dubai Financial Market (DFM) which gained 1.96 percent.


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