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Tadawul rises above 8750 level as banks soar to 6-year high

January 30, 2014

Tadawul All-Share Index (TASI) ended Thursday's session with a rise of as much as 0.65%, or 56.41 points to 8760.62 points, compared with 8704.21 points on Wednesday. The stock regained its position above the 8750 level after shutting below it for fourth successive days. The market received a boost from the banks sector that jumped 2.62% to close at 18785.59 points; its highest level in nearly six years. Banking stocks soared today, led by Riyad Bank after announcing that the lender's board proposed doubling capital to SAR 30 billion ; a move that will lift the banking sector's to the top position in terms of capitalization and making the bank among Tadawul's top biggest five companies by capitalization following Saudi Electricity , Kingdom Holding and SABIC. Five other sectors rallied, topped by cement (+0.66%), then multi-investment (+0.52%) and telecommunication (+0.48%). Meanwhile, industrial investment was the biggest loser, (-0.82%) followed by insurance (-0.68%) and petrochemical industries (-0.61%). Thursday's trading activity gained momentum, as turnover increased 8.49% to SAR 6.2 billion from SAR 5.7 billion . Today's turnover is 4.26% higher than the weekly average of SAR 5.95 billion but 2.03% lower than the monthly average of SAR 6.3 billion . Traded volume reached 242.8 million shares, 6.57% higher than Wednesday's traded volume of 227.87 million shares. It is also 15.43% higher than weekly average of 210.4 million shares and 8.98% higher than monthly average of 222.8 million shares. 46 companies headed north, topped by Riyad Bank that soared 9.2% to SAR 36.8; its highest close in more than five years. Bank Al-Jazira took the second position with a jump of 5.36%. It was followed by SABB (+4.97%) and Saudi Steel Pipe Co. (+4.39%). On the downside, 96 companies headed south, led by Atheeb Telecom (-9.86%), followed by Salama (-4.49%) and Petro Rabigh (-2.61%). Alinma Bank came on top by traded volume and turnover, after 60.5 million shares were exchanged at SAR 993.8 million . It was followed by Atheeb Telecom with 33.6 million shares exchanged at turnover reaching SAR 528.5 million.; All Rights Reserved - Mubasher Info

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Source: Mubasher (Saudi Arabic)

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