17/04/2011
Tadawul index edges up at 6,608.6
Daily Market Commentary
Saudi stocks closed 0.52 percent higher on Saturday, supported by gains in the banking sector. The Tadawul All-Share Index (TASI) ended 33.97 points higher at 6,608.6.
Al-Rajhi Bank and SABB climbed 0.7 percent each, while Samba Financial Group added 0.9 percent.
The petrochemical sector lifted the Saudi bourse in early trading after oil prices surged to a 32-month high on Friday as the turmoil in the Middle East continues.
The sector activity for the day was all positive except one losing sector. The gaining sectors ranged from 0.06 percent by the Agriculture & Food Industries sector to 1.44 percent by the Multi-Investment sector.
On the other hand the losing sector was the Hotel & Tourism sector, with 0.25 percent down. The overall market breadth for the day was positive with 118 advancers against 12 decliners giving it an AD ratio of 9.83, the Financial Transaction House (FTH) — licensed by the Capital Market Authority (CMA) — said in its daily market commentary.
Meanwhile, Methanol Chemicals Company said in a statement on Tadawul website on Saturday that the board of directors has accepted the resignation of Mazen Khalifa Al-Lahiq Al-Naimi from his position as a board member with the right of the company to raise any legal proceeding against Mazen in relation to the competition activities or any other legal violations. The board also decided to withdraw the earlier recommendation issued according to the board resolution dated Dec. 18, 2010 in relation to the removal of Mazen.
