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MENAFN - Arab News - 08/12/2012

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(MENAFN - Arab News) After three consecutive weeks of trading in red, the Tadawul All-Share Index (TASI) took a sharp uplift last week, advancing exactly 3.0 percent.

Except one dip during the week, the index continued pacing its way higher throughout the session to close in the green at 6,729.19 points, up 196.05 points, from its previous weekend close at 6,533.14 points. It performed in a trading range of 208.6 points for the week.

On year-to-date basis, the TASI has achieved more than three hundred points or 4.85 percent growth.

The market capitalization of Saudi stock exchange increased by 2.74 percent to SR 1.37 trillion, surpassing the previous week's level of SR 1.33 trillion. All market cap indices finished weekly trading in the positive district.

Sectoral performance was tremendous, as all 15 sectors closed in the upward territory, showing a collection of 1,994 points for the entire week.

The Insurance changed its position from worst performing sector of previous week to the top performer of the week, surging by 8.76 percent. Amana Cooperative Insurance and WAFA Insurance outdid rest of the peers, moving up 42.1 percent and 32.14 percent respectively.

Most of heavyweights marched higher from previous week's level, with Etihad Etisalat Co. (Mobily) increasing by 3.81 percent, Saudi Arabia Fertilizers Co. (SAFCO) 3.36 percent and bellwether SABIC (Saudi Basic Industries Corp.) 2.58 percent. Only Riyad Bank went down slightly (-0.65 percent) among top 10 large caps.

The advancers easily outnumbered declining stocks on the Tadawul (market) last week as for 94 percent stocks that gained and 6 percent ended lower.

Tadawul weekly turnover improved further by 18.3 percent on volume basis, 14.8 percent on value basis and 3.9 percent in terms of executed transactions.

More than one billion shares worth SR 27.4 billion changed hands on the Saudi stock market. Furthermore, upside-downside volume ratio of 29.6:1 remained extremely strong.

The volume chart was led by Dar Al-Arkan Real Estate with trades of over 195.2 million shares. While, SABIC liquidated SR 2.1 billion at Tadawul and remained the most active stock on value basis.

Most of the major benchmark indices at GCC stock markets ended the week in red.

The benchmark GulfBase GCC General Index closed the week higher at 3,887.87 points level, adding 43.66 points or 1.14 percent for the entire week.


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