27/03/2011
Tadawul index hits 6-week high
Banking and petrochemical stocks led Saudi shares to a six-week closing high on Saturday
The Tadawul All-Share Index (TASI) gained 2.26 percent to end at 6,506.01 points, its highest close since Feb. 15.
The sector activity for the day was all positive except one losing sector. The gaining sector ranged from 1.20 percent by the Telecommunication & Information Technology sector to 3.51 percent by the Real Estate Development sector. On the other hand, the Cement sector declined by 0.81 percent.
The overall market breadth for the day was positive with 138 advancers against 6 decliners giving it an AD ratio of 23, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its daily market commentary.
The stock market turnover for the day reached SR5.88 billion.
The banking sector index gained 3 percent, lifted by heavyweight Al-Rajhi Bank which added 1.3 percent and Banque Saudi Fransi which edged higher by 6.4 percent. SABB added 6.9 percent.
Petrochemical giant Saudi Basic Industries Corp. (SABIC) closed 2.5 percent higher, Reuters said.
