News Column

Hotel & tourism stocks up 3.42%

June 10, 2014



JEDDAH: ARAB NEWS

Saudi Arabia's Tadawul All-Share Index (TASI) finished with a balmy gain of 13.56 points or 0.14 percent on Tuesday. The index wavering along the break-even line within a range of 60.8 points edged higher to 9,905.68 points. On year-to-date basis, it crossed a positive return of 16 percent.

Hotel & tourism sector advanced 785 points or 3.42 percent over the day, posting the biggest gains among all sectors. Retail sector followed it, advancing by 1.1 percent to 16,392.52.

Media and Publishing sector, on the contrary, marked its fourth consecutive decline, reducing 6.12 percent further to 3,633.86. The sector index has trimmed 22.0 percent in these four sessions.

Again Tihama Advertising & Public Relations Company suffered worst of all equities, going down by SR21 or 9.93 percent.

Heavy weights closed in mixed fashion, where Saudi Telecom rose 1.13 percent and Etihad Etisalat Co. (Mobily) fell 1.55 percent for the day. But Mobily volume went 4.35 times high over its 50-day average, liquidating 5.8 million shares.

Market breadth with advance-decline ratio of 0.7:1 remained slightly negative.

Share price of Arabian Shield Cooperative Insurance rallied to a growth of 9.95 percent, clinching the spot as top gainer amongst Saudi stocks. The company showed an increase in volume from previous day by 178 percent, closing at SR54.

A good amount of volume 310.5 million shares was liquidated at Tadawul, an increase of 30.8 percent from the previous day but still it was 11.4 percent lower than 50-day average level.

Equity turnover reached to SR11.1 billion, remaining slightly greater than 50-day average value.

Most of the trading was concentrated in Dar Alarkan Real Estate, which liquidated 31.5 million shares, a relative market share of 10.1 percent. Sharqiya Development Company with a liquidity of SR505.5 million topped the value chart. But both companies finished to the downside.


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Source: Arab News (Saudi Arabia)


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