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MENAFN - Arab News - 19/02/2012

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(MENAFN - Arab News) The Saudi stock market gained a 0.27 percent growth for the entire day to close at 6,830.31 points. The Tadawul All-Share Index (TASI) edged up earlier to touch the intra-day high at 6,842.77 points but could not sustain the upward momentum and scored only 18.34 points on Saturday closing. On a Year-to-date basis TASI registered a positive return of 6.43 percent.

The Insurance sector remained as top performer among Saudi sectoral indices, added 47.5 points or a growth of 3.85 percent to close at 1,281.32 points. This close level is highest since Sept. 2, 2008. On a YTD basis it reflected a gain of 27.03 percent. At closing of the day, all insurance companies signaled green including Al-Sagr Cooperative Insurance Co. which became the top gainer among Saudi stocks, reflecting a growth of 9.91 percent. Other significant stocks include SABB Takaful, Weqaya Takaful and Allianz SF, up by 9.80 percent, 9.78 percent and 9.67 percent respectively. On closing, 30 stocks of which 15 related to insurance sector rose to their 52-week high price.

Agricultural & Food sector was the worst performer and drop by 0.36 percent, closed at 6,063.04 points, followed by Telecom that reduced by 0.24 percent. Qassim Agriculture was biggest loser of the day, down by 8.29 percent and closed at SR31.

Most of the trading was concentrated in the Insurance sector, which captured 35.3 percent of Saudi stock market turnover, a relative market share of 24.4 percent on volume basis and 37.9 percent of the total executed transaction. Solidarity Saudi Takaful Co. became the most active stock with a turnover of SR444.1 million. However, NAMA Chemicals led the volume chart with trades of over 28.3 million shares.

Market participants responded positively as turnover at Tadawul went up by 25.3 percent to SR8.95 billion; its total volume of about 354.9 million shares, increasing by 29.6 percent over the previous trading day.

Saudi Industrial Export announced its financial results for fiscal year 2011, recording a net profit of SR9.2 million, an increase of 206.7 percent compared with 2010.

NADEC fiscal year 2011 audited financial results announced, reported a net profit of SR91.3 million, reflecting an increase of 770 percent in their net profit. Revenue for NADEC increased to SR1.44 billion, a 7 percent increase compared with the past year.

Tabuk Agriculture Development net profit increased to SR33.1 million for fiscal year 2011 compared with SR11.6 million for year 2010, an increase of 185 percent. NADEC operating profit increased to SR35.15 million.


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