The Saudi stock market continued its positive movement, marking another reasonable gain of 0.56 percent.

 

The benchmark Tadawul All-Share Index closed at 8,851.83, up 49.47 points on Wednesday.

Large cap index outperformed with 0.93 percent positive change, the GulfBase said in its market commentary.

The market leader Saudi Basic Industries Corp. (SABIC) outdid rest of its heavyweight peers, advancing 2.89 percent and closing at SR84.84. Almarai Co. also rose more than two percent, closing at SR87.48.

Most of the major sectors closed in the green territory, accumulating an aggregate of 1,167.8 points.

Positive performance was boosted by Tourism, Retail and Petrochemical sectors, which surged 2.14 percent, 1.62 percent and 1.32 percent respectively.

Building & Construction sector, on the other hand, posted the largest losses, falling 0.79 percent to close the day at 3,494.34.

Market breadth with advance-decline ratio of 0.86:1 turned slightly negative.

Allied Cooperative Insurance Group made the biggest jump among all Saudi equities, soaring up 8.48 percent. It was fifth consecutive win of the group, hitting a fresh 26-week high before closing at SR30.94.

Knowledge Economic City followed it, marching higher by 6.88 percent.

Buying interest prevailed at Tadawul, specifically SR8.7 billion poured into the market. 

Trading volume was impressive, with about 381.5 million shares changed hands in the market, a significant 30 percent growth over the previous level. The volume crossed the 50-day average level of 352.6 million shares.

Dar Al-Arkan Real Estate continued its most active status, liquidating 85.7 million shares and contributing 22.5 percent to the overall market volume.

The company also topped the value chart, pumping SR740.9 million into the market. But Arkan is still trading below its par-value.

 

Source: ARAB NEWS