Market cap rises to SR 1.4 trillion

After two consecutive weeks of trading in sideways, the Tadawul All-Share Index (TASI) took a sharp uplift last week, advancing more than 2.2 percent. The index continued pacing its way higher throughout the week to close in the green at 6,941.97 points, up 150.93 points, from its previous weekend close at 6,791.04 points. It performed in a trading range of 177 points for the week. On year-to-date basis, the TASI has achieved more than eight percent growth. The market capitalization of Saudi stock exchange increased by 2.56 percent to SR 1.41 trillion, surpassing the previous week’s level of SR 1.37 trillion. All market cap indices finished weekly trading in the positive district. Sectoral performance was tremendous, as 14 out of the 15 sectors closed in the upward territory, showing a collection of 1,754 points for the week. Multi-Investment turned in a splendid performance among sectoral indices, reflecting an increment of 220 points or 6.63 percent for the entire week to close at 3,538.28. Transport and Industrial Investment followed it, rising by 5 percent and 4.78 percent respectively. Only Energy & Utilities sector ended in red, trimming 139 point or 2.82 percent for the week. Most of heavyweights marched higher from previous week’s level, with Kingdom Holding surging by 9.68 percent, SABB 7.43 percent and Samba Financial Group 6.82 percent. The advancers easily outnumbered declining stocks on the Tadawul (market) last week as for 82 percent stocks that gained, 17 percent ended lower and 1 percent remained unchanged. Insurance stocks continued to dominate the market performance, filling the top gainers chart consecutively. Solidarity Takaful outdid rest of its peers, moving up 22.15 percent to close the week at SR 35.3. Tadawul weekly turnover improved further by 19.3 percent on value basis, 9.5 percent on volume basis and 6.24 percent in terms of executed transactions. More than 900 million shares worth SR 26.9 billion changed hands on the Saudi stock market. Furthermore, upside-downside volume ratio of 12.2:1 remained extremely strong. Most of the major benchmark indices at GCC stock markets ended the week in green. The benchmark GulfBase GCC General Index closed the week higher at 3,948.13 points level, adding 51.51 points or 1.32 percent for the entire week. Arabnews