(MENAFN - Arab News) The prices of Saudi stocks surged for the third straight week, witnessing the long-term upward trend last week.
The Tadawul All-Share Index (TASI), while moving sideways in a low trading range for most of the week, closed at the end of the week at 6,953.59 points.
It accumulated 60.97 points for the entire week, up 0.88 percent.
Despite closing lower for three days during the week and trading in a narrow weekly range of 90.6 points, the TASI delivered positive end results.
On year-to-date basis, the index showed a collection of 536 points.
Total market capitalization of Saudi stock exchange increased slightly to SR1.38 trillion as compared to previous week's SR 1.37 trillion, an increase 0.8 percent.
Sector indices at Saudi stock market ended the week with modest gains. Multi-Investment sector occupied the top position, advancing marginally by 3.75 percent to close the week at 3,130.9. Insurance and Retail sectors followed it, each rising 1.6 percent for the weak.
Advances outnumbered the decliners by a margin of 105 to 43 and the prices of 7 companies remained unchanged. Furthermore, upside-downside volume ratio of 6:1 remained largely positive.
Samba Financial Group was the key gainer among heavy weight stocks, rising 2.58 for the week. Saudi Arabia Fertilizers Co. (SAFCO), on the other hand, lost its entire gains of previous week, declining 5.62 percent from previous week's level.
Insurance companies continued to win the weekly race among all Saudi stocks. Arabia Insurance and Allianz Saudi Fransi were top gainers of the week, marching higher by 20 percent and 15 percent respectively.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week at 3,883.71 points level, adding 28.42 points or 0.74 percent for the entire week.