19/03/2011
TASI closing at 6,069
Saudi shares were volatile last week led by the petrochemical and banking sectors
The Tadawul All Share Index (TASI) of the Arab world’s largest stock exchange shed 0.6 percent on weekly basis, closing at 6,069 points after rising near to 6,400 points earlier in the week.
On a week-to-week basis, the sector activity was almost positive with 10 out 15 sectors closing with gains ranging from 0.55 percent by the Industrial Investment sector to 9.47 percent by the multi-investment sector.
On the other hand, the losing sectors for the week ranged from 0.02 by the agriculture and food industries sector to 1.73 by the banks and financial services sector, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its weekly market commentary.
Last week’s stock market turnover was SR29.43 billion as compared to SR26.83 billion for the previous week.
The top gainers for the week were the Food products Co. with again of 21.42 percent to close at SR15.30 and the Anaam International Holding Group Co. with gain of 21.06 percent to SR 45.40.
The top losers for the week on the other hand were the Al-Jouf Agricultural Development Co. with a loss of 13.62 percent to SR25.50 and the Red Sea Housing Services Co. with 7.92 percent loss to close at SR44.20.
Saudi analyst Mohammad Anqari attributed the market’s fluctuation mainly to profit taking and the return of speculators who sought to make benefit from last week’s rally.
“I believe investors have now absorbed the psychological impact and they are moving back to focus again on fundamentals,” he said.
“As traders awaited the first quarter results, I believe investment funds have now returned to the market causing a marked growth in the volume of transactions,” he added.
