Telecom, insurance sectors boost TASI

The Tadawul All-Share Index (TASI) edged higher 0.47 percent to 7,137.86 points yesterday on the back of reasonable performance by Telecom, Multi-Investment and Insurance sectors. These sectors advanced more than one percent for the day. The TASI went 9.38 points below the break-even line earlier yesterday but subsequent trading sent it higher to close in the green territory. The trading range expanded to 46 points as compared to 32 points of previous day. All market cap indices traded in the positive territory. Ten out of the fifteen sectors ended positively, showing a collection of 257 points. However, five sectors closed in downward territory, paring an aggregate of 65 points. There were 55 net advancing issues, a largely positive market breadth. Top ten heavy weights closed in mixed fashion. Saudi Telecom and Etihad Etisalat Co. (Mobily) were key gainers of the day, rising by 2.57 percent and 1.09 percent respectively. On the other hand, Kingdom Holding was the significant loser (-0.83 percent) among heavyweights, trimming its entire gains of previous day. Al-Baha for Development & Investment Co. made the biggest jump among all Saudi equities, achieving a maximum growth of 9.84 percent. Rabigh Refining & Petrochemical Co. followed it, showing a positive change of 9.04 percent. The share trading activity remained five percent lower than previous day. Specifically, 272 million shares worth SR 6.4 billion exchanged hands on the Saudi stock market. From : Arabnews