30/10/2010
TASI breaks 6,300-point barrier
Saudi shares rebounded last week, receiving support from the petrochemical, industrial and construction sectors. The Tadawul All-Share Index (TASI) gained 1.28 percent this past week to close at 6,309.92 points.
"Prices in this area sound logical to all investment funds and traders, who are currently weighing incentives as the year draws to a close," Saudi analyst Mohammad Anqari said.
On a week-to-week basis, the sector activity was mostly positive with 10 out of 15 sectors closing with gains ranging from 0.02 percent by the cement sector to 2.83 percent by the petrochemical sector. On the other hand the losses for the week ranged from 0.19 percent by the hotel & tourism sector to 2.54 percent by the energy and utilities sector, the Financial Transaction House (FTH) said in its weekly market commentary.
The top gainers for the week were Allied Cooperative Insurance Group with a rise of 17.86 percent to close at SR34.30 and The Red Sea Housing Services Co. with a gain of 13.02 percent to close at SR46.
The top losers for the week on the other hand were Mediterranean & Gulf Insurance & Reinsurance Co. with a loss of 9.10 percent to SR 25.00 and The BUPA Arabia for Cooperative Insurance Co. losing 7.29 percent to SR21.
The Saudi stock market turnover fell to SR12.83 billion last week as compared to SR13.28 billion in the previous week.
Saudi Basic Industries Corp. (SABIC) shares surged 4.68 percent to SR95 last week.
Saudi Telecom Co. (STC) shares edged higher by 2.53 percent to SR40.50, while Etihad Etisalat (Mobily) shares declined 0.91 percent to SR54.25.
Arab stock markets rallied last week, deriving momentum from stable oil prices and steady global markets amid reports the US Federal Reserve planned a new round of monetary easing next week, financial analysts said Friday.
