Saudi Arabia: Real Estate sector recover highly by 2.21 percent on Wednesday

The benchmark Tadawul All-Share Index making typical trough-peak combination edged higher by 2.21 percent on Wednesday.The TASI gained roughly two hundred points, closing at 9,164.44 levels.

On year-to-date basis, its yield reached near 10 percent. Large cap rose over two percent and remained prominent among market cap indices, the GulfBase said in its market commentary.

Sectoral indices all accumulated an aggregate of 2,582.14 points.

Real Estate Development sector recovered a major portion of Tuesday's losses, achieving a growth of 3.83 percent to 7,826.97. Largecap Jabal Omar appreciated by 3.44 percent. Transport and Banking sectors followed Real estate, turning up by 3.16 percent and 2.49 percent respectively.

Market breadth was strong as 153 out of 162 stocks finished to the upside.

Share price of Al-Alamiya for Cooperative Insurance rallied to a growth of 9.84 percent to SR77.89, clinching the spot as top gainer among Saudi stocks. Alamiya has advanced more than eighty percent in one year. Etihad Atheeb Telecommunication Company which has the lowest share market value (SR7.0) rose 9.38 percent. The company volume (17.4 million shares) went 4.6 times high over its 50-day average.

Herfy Food Services Co. shares raced to an all-time high SR127, up 6.66 percent for the day.A good amount of turnover 348.2 million shares worth SR8.7 billion changed hands on the Saudi stock market. This turnover reflects an increase of 30.5 percent on volume basis and 17.9 percent in terms of liquidity over the previous levels.

Alinma Bank pumped more than SR1 billion into the market, closing up by 2.97 percent. Dar Al-Arkan Real Estate continued its most active status, liquidating 53.9 million shares, a relative market share of 15.5 percent.

Al-Rajhi Bank outdid rest of its heavyweight peers, surging more than four percent to SR59.81. National Commercial Bank (NCB), the Kingdom's biggest lender, added 2.32 percent.

Petrochemicals flagship Saudi Basic Industries Corp. (SABIC) grew 1.69 percent to SR85.24.Source: Arabnews