24/10/2010
Banking stocks send TASI higher
Saudi shares closed 0.91 percent higher on Saturday, led by gains in the petrochemical and banking sectors.
The Tadawul All-Share Index (TASI) closed at 6,286.97 points and petrochemical stocks closed 1.6 percent higher at 5,801.65 points.
The sector activity for the day was mostly negative with 5 out of 15 sectors closing with gains ranging from 0.10 percent by the Retail sector to 1.76 percent by the Banks & Financial Services sector. The overall market breadth for the day was positive with 60 advancers against 76 decliners giving it an AD ratio of 0.79, the Financial Transaction House (FTH) said in its daily market commentary.
The liquidity for the day reached SR2.52 billion.Banking stocks gained 1.76 percent to 16,435.88 points led by a 5.43 percent jump in shares of Banque Saudi Fransi after it issued a report saying most banks have covered their non-performing loans.
"Today, shares in banks rose after Saudi Fransi put out a report saying that most banks have covered their non-performing loans," said Hesham Abo Jamee, chief investment officer at Bakheet Investment Group.
"I think that the progress in the banking sector and the stock market in general will improve gradually until Eid," he added.
Shares in heavyweight Al-Rajhi Bank gained 0.98 percent while shares in petrochemical giant Saudi Basic Industries Corp. (SABIC) rose 2.2 percent.
