Real estate shares advance 1.43% in Jeddah

It turned out to be largely positive for investors yesterday, as Saudi Arabia’s benchmark stock index recorded a gain of 0.61 percent, which is the highest increase during last two weeks. The TASI set out with 3.8 points fall yesterday but subsequent trading sent it higher and higher to close at 7,137.54 points, accumulating 43.36 points for the entire day. It traded within a range of 52.3 points yesterday. On year-to-date basis, the TASI’s yield reached just below five percent. The market cap indices all finished to the upside. Most of the major sectors closed in the green territory, accumulating an aggregate of 409 points. Real Estate Development showed the best performance among all sectors, advancing 1.43 percent for the day. Petrochemical Industries and Telecom sectors followed it, increasing by 1.3 percent and 1.1 percent respectively. On the negative side, seven sectors including Media and Publishing (-0.92 percent) — the biggest decliner of the day — went downward, trimming an aggregate of 146 points. Eight out of top ten heavy weights rose from previous day’s levels, with market leader SABIC (Saudi Basic Industries Corp.) surging by 2.4 percent, Etihad Etisalat Co. (Mobily) 1.5 percent and SABB 0.9 percent. The market breadth was also positive, with 70 stocks witnessing advances and 64 others marking a decline. Taiba Holding Co. turned in a splendid performance among all Saudi stocks, soaring up over nine percent to close the day at SR27.1. Wataniya Insurance and Wafa Insurance were other significant advancers which gained more than five percent. Share trading activity remained high as compared to previous day; turnover went up by 18.7 percent on volume basis and 12.7 percent in terms of liquidity. More than 202 million shares worth SR6.4 billion were liquidated at Tadawul. Source: Arab News