News Column

TADAWUL: Insurance stocks outperform by 1.64%

August 6, 2014


Despite a plunge of 52 points after the Wednesday's opening bell, the Tadawul All-Share Index (TASI) finished with a balmy gain 0.27 percent or 27.82 points, closing at 10,478.34.

On an YTD basis, TASI registered a positive return of nearly 1,943 points or 22.76 percent. Micro Cap index performed well relatively, rising over one percent.

Insurance outdid rest of the sectors, surging 1.64 percent to close at 1,427.50. Banks & Financial Services also continued its positive movement, marking another gain of 193 points or 0.98 percent. The large cap Saudi British Bank rose 2.71 percent, closing at SR57.56.

Market breadth was positive, as rising stocks outnumbered decliners by a margin of two-to-one on the Tadawul market.

Alalamiya Cooperative Insurance remained at top position among all Saudi equities, soaring up 9.77 percent to close the day at SR120.25. Recently, the company has received a yellow flag from Capital Market Authority, which indicates that a major portion of Alalamiya's share capital has been absorbed as accumulated losses.

Share price of Al Jazira Takaful Co. raced to new all-time high of SR91.75 before closing at SR91.41, up 9.52 percent for the session.

Shares trading went below the 50-day average level, ranging from 6 percent to 14 percent. Tadawul total turnover set sold approximately 210 million shares worth SR7.6 billion.

Trading activity was led by Alinma Bank, which represented a relative market share of 10 percent in terms of volume and 5.6 percent in terms of liquidity. Its total 21.1 million shares worth SR426 million exchanged hands on the Saudi Stock Market. But the bank finished to the downside, trimming a nominal 0.25 percent.

Furthermore, Red Sea Housing Services Co. volume went 6.6 times high over its 50-day average, liquidating 1.5 million shares and gaining 3.53 percent to SR63.02.

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Source: Arab News (Saudi Arabia)

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