ARAB NEWS
JEDDAH: Wednesday was a largely positive for the Saudi stock market as the Tadawul All-Share Index (TASI) crossed the 7,000-mark during the day to close at 7,031.26 points, up 64.52 points or 0.93 percent. The index touched 7,000 levels in almost 40 months since October 2008. On YTD basis it has achieved a growth of 9.56 percent.
Investors were able to continue a bull run as prices of Saudi stocks surging up with high turnover. Participation was impressive on Thursday. Specifically, 417.1 million shares worth SR10.3 billion changed hands on the Saudi stock market. The 50-day average for trading volume is closer to 335.7 million shares.
All sectors closed in green except retail and cement, which pared nominal 18 points. Banking sector added considerable 222.35 points, up 1.42 percent. Further, Transport sector remained at top showing an increment of 1.91 percent, 3,640.06 from 3,571.72.
The bellwether SABIC (Saudi Basic Industries Corp.) and Alinma Bank remained as most active stocks at Tadawul. SABIC pumped more liquidity into the market by contributing SR895.8 million, which is approximately 8.7 percent of overall market turnover. Alinma stood parallel with more than 37.6 million shares to close at 10.65.
The market breadth was positive with 88 stocks witnessing advances against 36 stocks witnessing declines. Saudi Integrated Telecom and Saudi Indian Insurance were major gainers amongst Saudi equities, both increased by 9.9 percent and 9.7 percent respectively. On the other hand, Saudi Automotive Services Co. became the biggest loser of the day, down 4.83 percent to close at 21.70 points.
Al-Sagr Cooperative Insurance Company has announced, the company's financial results of operations for the year ended Dec. 31, 2011. The company said the annual consolidated net income totaled SR32.03 million, an increase of 60 percent over that of last year.
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