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McClatchy-Tribune  06/10/2014 12:01 AM ET
Tadawul: Insurance sector stays in limelight [Arab News, Jeddah, Saudi Arabia :: ]

June 10--JEDDAH -- Despite a negative note (-39 points) after the opening bell, Saudi Arabia's benchmark stock index inching its way higher finished Monday's trading at 9,892.12 points, up 0.39 percent from the previous close.

It performed within a range of 80.7 points, adding 38.61 points for the entire day. TASI also logged a healthy YTD return of 15.89 percent.

Market cap indices all ended in the safe area, with Micro Cap growing 0.88 percent. Market leader SABIC (Saudi Basic Industries Corp.) with 0.64 percent upward jump remained prominent among large caps.

Most of the sector indices extended gains. Insurance sector stepped up to occupy the top position at Tadawul, surging 2.16 percent to close at 1,338.86. Retail was other significant advancing sector, gaining 1.13 percent.

On the worst side, Media and Publishing sector continued its downward fall, marking another steep decline of 5.84 percent and trimming back the 4,000-mark. Tihama Advertising & Public Relations Company showing excessive losses of 9.91 percent again became the major decliner at Tadawul.

The advancers easily outnumbered declining stocks on the Tadawul; as for 69 percent stocks that gained, 21 percent ended lower and 10 percent closed unchanged.

Insurance stocks were the significant winners of the day with Arabia Insurance Cooperative, ACE Arabia Insurance and Sanad Insurance, marching higher by 9.95 percent, 9.74 percent and 9.0 percent respectively.

Five Saudi companies including Al-Othaim Holding (+7.31 percent) hit an all-time high on Monday. National Petrochemical Co. volume went five times high over its 50-day average, closing at SR32.88.

Share trading activity remained low, as Tadawul volume went down to 237.4 million shares, a decline of nearly 32 percent over the previous level and the 50-day average level as well.

Liquidity also shrank to SR8.7 billion, 26 percent less than previous day's SR11.8 billion. Atheeb Telecom liquidating 24 million shares remained most active stock of the day.


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