News Column

Retail stocks remain in focus

July 16, 2014


Saudi Arabia's benchmark Tadawul All-Share Index (TASI) dug in at 9,810.81 and ended its Wednesday's trading up over 12 points.

The index traded within a range of 33.6 points, adding 0.13 percent for the entire day. On an YTD basis, TASI registered a positive return of 15 percent approximately.

Most of the sector indices showed modest gains, accumulating an aggregate of 370 points.

One of the best performing sectors was Retail which rose 1.24 percent, closing the day at 16,603.61.

Even the top gainer chart was filled by retail stocks, with new player Al Hammadi Company for Development and Investment surging by 9.74 percent, Aldrees Petroleum 6.54 percent, Alkhaleej Training Company 4.86 percent and Budget 4.25 percent.

Alkhaleej shares also raced to an all-time high of SR68.75 before closing at SR66.16. The company volume went 4.5 times high over its 50-day average, liquidating over one million shares.

On the other hand, seven sectors could not manage for gains, shedding 166 points jointly. Multi-Investment sector remained the worst performer, declining 0.74 percent to 4,883.77.

Most of heavyweights closed in the downward territory, with Saudi Telecom dipping by 1.3 percent and Al-Rajhi Bank 1.1 percent.

Tadawul volume with trades over 182 million shares remained 26.8 percent greater than previous level but still it was 33.8 percent lower than 50-day average. Liquidity rose a little to SR6.1 billion, an increase of 12.2 percent from the previous level but still it was 31.3 percent lower than 50-day average.

Most of the trading was concentrated in Saudi Mobile Telecommunications Co. (Zain) and Dar Alarkan Real Estate, which collectively liquidated nearly 28 percent of the Tadawul's total volume.

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Source: Arab News (Saudi Arabia)

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