Real Estate sector up 4.53% in a week

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The Saudi stock market delivered a positive end result last week. Despite closing lower for three days during the week, the Tadawul All-Share Index (TASI) dug in at 7,770.45 and finished the week up over 103.3 points or 1.35 percent from its previous weekend close at 7,667.07 points. Its weekly trading range expanded to 210 points as compared to previous week’s 103 points. The index logged a healthy YTD return of 14.25 percent. Total market capitalization of Saudi stock exchange increased more than one percent to SR1.54 trillion. Small cap remained prominent among market cap indices, posting a weekly growth of more than two percent. Sectoral performance was tremendous, as 13 out of the Tadawul’s 15 sectors finished to the upside, accumulating an aggregate of 1,321 points in a week. Real Estate Development outdid rest of the sectors, reflecting an increment of 215 points or 4.53 percent for the entire week to close below 5,000-mark. Transport and Retail sectors followed it, advancing 3.47 percent and 2.88 percent respectively. Only Media and Insurance sectors could not manage for gains, falling more than one percent. Most of heavyweights closed in green, with SABB moving up 2.61 percent, Saudi Telecom Co. 1.25 percent and Al-Rajhi Bank 1.01 percent. Weekly market breadth remained favorable as the total number of rising stocks exceeded to the total number of falling stocks by a margin of 99 to 55 and the prices of 3 companies remained unchanged. Al Jazira Takaful Co. started shares trading on Tadawul last week, opening exactly at par value SR10.00 and jumping 60.5 percent to finish at SR16.05. Al Babtain Power & Telecommunication Co. was another significant advancer which gained 25.61 percent for the week. Investors continued to flow an optimal level of turnover; specifically, 969.3 million shares worth SR24.8 billion changed hands on the Saudi stock market last week. This turnover reflects a weekly growth of 24 percent on volume basis and 15.7 percent in terms of value. Furthermore, upside-downside volume ratio of 1.97:1 also remained positive. Alinma Bank continued its most active status, liquidating roughly 124 million shares and capturing 12.8 percent of the overall market volume. The bank also topped the weekly value chart, contributing SR1.8 billion. Most of the major benchmark indices at GCC stock markets ended the week in green, with DFM index rose 2.25 percent. The benchmark GulfBase GCC General Index closed the week higher at 4,569.65 points level, adding 56.85 points or 1.26 percent for the entire week.

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