News Column

Real estate stocks stay in limelight

February 25, 2014

Arab News, Jeddah, Saudi Arabia



Feb. 25--JEDDAH -- Saudi Arabia's Tadawul All-Share Index (TASI) continued its positive drive, marking another gain of 0.37 percent Monday. While curving in the upward territory throughout the day it added further 33.7 points, closing at 9,057.08.

All market cap indices witnessed a positive change for the day. 11 out of Tadawul's fifteen sectors extended gains, reflecting an accumulation of 538.6 points.

Real Estate Development made the biggest jump among sector indices, marching higher by 3.68 percent or 201.8 points and closing at 5,689.0.

Most of the trading was also concentrated in this sector, which liquidated 115.9 million shares, a relative market share of 36 percent. The value of these shares totaled SR2.1 billion which accounted for 26 percent of the Tadawul liquidity.

Energy and Telecom were other significant gaining sectors, turning up by 1.77 percent and 1.14 percent respectively.

On the other hand, Agriculture & Food Industries sector posted the largest losses, falling 1.12 percent for the day. Market breadth was positive, with 84 stocks witnessing advances and 50 others marking a decline.

Recently traded Saudi Marketing Company (FARM) continued to top the performance chart at Tadawul, soaring up 9.84 percent further to close at SR 69.75.

Saudi Electricity Co. (SEC) was another key gainer among heavyweights, advancing 1.98 percent for the session.

Investors continued to flow an optimal level of turnover; specifically, 321.2 million shares worth SR7.9 billion changed hands on the Saudi stock market.

The 50-day average for trading turnover is closer to 229.3 million shares worth SR6.2 billion.

Jabal Omar Development and Dar Alarkan Real Estate outperformed among the most active stocks, surging by 5.5 percent and 4.4 percent respectively.

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(c)2014 the Arab News (Jeddah, Saudi Arabia)

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Source: Arab News (Saudi Arabia)


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