Tourism sector jumps over 6.8%

It turned out to be largely positive for investors yesterday, as Saudi Arabia’s benchmark stock index (TASI) recorded a gain of 0.67 percent, which is the highest intra-day increase during last four weeks. The index continued pacing its way higher throughout the day to close in the green territory at 7,160.52, achieving nearly 48 points for the session. It rose to a maximum of 57.5 points from the level of opening bell yesterday. On a year-to-date basis, it crossed a positive return over five percent. The market cap indices all finished to the upside, with Micro cap advancing 2.2 percent yesterday. All sectors extended gains except Energy & Utilities, which pared nominal 1.15 points. Remaining 14 sectors showed a collection of 1,122 points jointly. Positive performance was boosted by Media and Publishing sector, continuing to perform well for the seventh consecutive day, surging by 221.4 points or 6.81 percent to close at 3,473.19. An appreciation of nearly 24 percent in the value of this sector’s index has been recorded in seven consecutive trading days. Hotel & Tourism sector also continued its upward march for the third consecutive day, marking another gain over 3.5 percent and crossing 11,000-mark. The advancers easily outnumbered declining stocks on the Tadawul (market); as for 77 percent stocks that gained, 14 percent ended lower and 9 percent remained unchanged. Among all Saudi stocks, Tihama Advertising & Public Relations Co. continued to show a tremendous performance sequentially, soaring up 9.9 percent further to close the day at SR 141.5. Most of heavyweights also closed in green, with Riyad Bank increasing by 1.5 percent, Samba Financial Group 1.4 percent and Kingdom holding 1.1 percent. Tadawul daily turnover went up 30.8 percent on volume basis, 25.3 percent on value basis and 20.9 percent in terms of executed transactions. More than 233.4 million shares worth SR 7.2 billion changed hands on the Saudi stock market. Gassim Agricultural Co. and Emaar the Economic City were significant gainers among most active stocks, showing a positive change of 4.7 percent and 2.6 percent respectively. Source: Arab News