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Saudi- Tadawul reflects bullish outlook  Join our daily free Newsletter

MENAFN - Arab News - 01/03/2012

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(MENAFN - Arab News) The recent wave of optimism at Saudi stock market indicated enhanced investor confidence and revived business sentiments. The market extended gain for the 10th consecutive day on Wednesday. The Tadawul All-Share Index (TASI) dug in at 7,226.43 points and finished the day up over 0.8 percent. The index has achieved a growth of 12.6 percent in two months.

An adequate level of liquidity appeared to be under way; about 473.7 million shares worth SR11.01 billion were transacted. This turnover showed more than 30 percent decrease as compared to the previous day.

Mid Cap performed well relatively as it advanced over 1.3 percent for the day to close at 4,876.3 points.

Commenting on Tadawul's bullish outlook, Basil Kabbani, CEO of Zughaibi & Kabbani Financial Consultants, said: "The recent wave of optimism at Saudi stock market indicates enhanced investor confidence and revived business sentiments."

The Media & Publishing was major gainer among sectoral indices, which marginally advanced by 3.8 percent. Banks & Financial Services sector also added considerable 168 points to close at 16,657.80.

Insurance was the worst performing sector, down by 0.58 percent to close at 1,280.65.

Top 10 market cap scrips closed the day in green territory. Samba Financial Group, SABB and SABIC (Saudi Basic Industries Corp.) achieved an increment of 1.95 percent, 1.08 percent and 0.74 percent respectively.

Alinma Bank topped the volume and value chart on the Saudi stock market with a turnover of SR1.2 billion. Its trading volume reached to 100.9 million shares, capturing a relative market share of 21 percent.

The market breadth was positive with advance-decline ratio of 1.6:1. Alkhaleej Training & Education Company and Saudi Arabia Refineries Co. showed the best performance among all Saudi stocks, both jumped to 9.7 percent to close at 51.25 and 76.25 respectively.

On the worst side, Arabian Shield Cooperative Insurance with 6.38 percent decrease came out as the biggest loser of the day.


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