Sept. 22--JEDDAH -- Saudi stock market continued its positive drive for the second consecutive week, witnessing the long-term upward trend last week.
The benchmark Tadawul All-Share Index (TASI) reflecting a 3-day surge finished its weekly trading at 8,024.71. It accumulated 131 points for the entire week, up 1.66 percent. Since Dec. 31, 2012 the index advanced over 1,223.5 points or 18 percent.
The market capitalization of Saudi stock exchange reached to SR1.59 trillion, increasing 1.56 percent from the previous week's value. Among market cap indices, Micro cap performed well relatively, advancing nearly five percent in a week.
All sectors extended weekly gains and accumulated more than 1,956 points for the week. Multi-Investment sector remained at top showing an increment of 5.15 percent, 3,632.85 from 3,454.79. Construction, Insurance and Tourism sectors followed it, rising 3.66 percent, 3.53 percent and 3.22 percent respectively.
Most of heavyweights closed higher from previous week's level, with Saudi Telecom growing by 5.49 percent, Kingdom holding 4.79 percent and Etihad Etisalat Co. (Mobily) 1.8 percent.
The advancers easily outnumbered declining stocks on the Tadawul (market) last week as for 84 percent stocks that gained, 10 percent ended lower and 6 percent remained unchanged.
Saudi Indian Company for Co-operative Insurance (WAFA Insurance) and Alujain Corporation made the biggest weekly jumps among all Saudi equities, soaring up 18.3 percent and 14.1 percent respectively. Alujain with trades over 38 million shares positioned itself among the most active stocks, closing the week at SR 18.6 and ranking fifth.
Tadawul weekly volume remained nearly unchanged from its previous level of 1.29 billion shares. An adequate amount of liquidity SR 31.9 billion was flowed into the market, increasing by 8.1 percent from previous week's turnover.
Furthermore, upside-downside volume ratio of 17.8:1 remained extremely strong.
Saudi Mobile Telecommunications Co. (Zain) topped the volume chart, liquidating 139.6 million shares and capturing roughly 11 percent of the overall market volume.
While, SABIC pumping a liquidity of SR2.25 billion regained its most liquid status, closing at SR 97.5.
All major benchmark indices at GCC stock markets ended the week in green, with Dubai Financial Market rose over five percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,637.05 points level, adding 88.9 points or 1.96 percent for the entire week.