Saudi Arabia: Saudi Stock market continued its positive drive


The Saudi stock market continued its positive drive for the third consecutive week, witnessing the long-term upward trend last week.

Growth prospects as a result of Capital Market Authority's (CMA’s) decision of market opening to direct foreign investment in June tended to attract a pack of investors.

A considerable amount of volume two billion shares exchanged hands on the Saudi stock market, a weekly growth of 30.7 percent.

Bulls continued to pump more and more liquidity, which rose to a significant level of SR56.1 billion, up 41.7 percent over the previous week.

The benchmark Tadawul All-Share Index set out with a highest one-day settle (four percent) of the year, which remained almost intact. The index logged a weekly gain of 3.93 percent or 363.4 points to finish at 9,614.61.

Its weekly trading range expanded further to 449 points as compared to previous week's 349 points. TASI also logged a healthy YTD return of 15.38 percent.

Total market capitalization of Saudi stock exchange increased further (+4.24 percent) to SR2.1 trillion.

Fourteen out of Tadawul's fifteen sectors witnessed a positive weekly change, accumulating an aggregate of 4,132 points.

Petrochemical sector outperformed, up 468.7 points or 7.8 percent to close the week at 6,475.99. The sector’s flagship Saudi Basic Industries Corp. (SABIC) soared up over 11 percent in a week, closing at SR96.87.

Media and Telecom were other significant advancing sectors, which gained 5.65 percent and 4.1 percent respectively. The heavyweight Saudi Telecom Company rose 8.64 percent to SR68.5.

Only Energy & Utilities sector slipped half percent for the week.

Weekly market breadth was strong, as rising stocks outnumbered decliners by a margin of four-to-one on the Tadawul market.

Furthermore, upside-downside volume ratio of 7.2:1 remained largely positive.

Ash Sharqiyah Development Co. (+23.28 percent), Allied Insurance Group (+19.97 percent) and Saudi Land Transport Co. (MUBARRAD) (+14.02 percent) showing notable gains became the top weekly performers among all Saudi stocks.

BUPA Arabia for Cooperative Insurance hit a fresh all-time high of SR231 during the week, up 11.51 percent to SR222.75.

Dar Al-Arkan Real Estate with trades over 298 million shares secured its most active status, a relative market share of 15 percent roughly.

While, Alinma Bank with a turnover of SR6 billion topped the liquidity chart, closing at SR24.15. The bank advanced 5.64 percent last week.

Most of the major benchmark indices at GCC stock markets ended the week in green. Source: arabnews