Hotel & Tourism sector gains 1.61%

Saudi Arabia’s benchmark stock index (TASI) started a sideways walk along the break even line earlier yesterday, reflecting a narrow trading range (28 points) ended at 7,326.93, up 7.1 points or 0.1 percent for the entire day.

The market cap indices closed the day in mixed territories.

Sectoral indices also performed in a mixed fashion, with eight sectors accumulating an aggregate of 359.5 points and seven sectors trimming 89 points collectively. Hotel & Tourism sector made the biggest jump, reflecting an increment of 180.3 points or 1.61 percent to 11,377.13 points. Retail sector was another significant gainer, advancing more than one percent.

Eight out of top 10 heavy weight stocks finished to the upside. Saudi Telecom and Mobily performed well relatively, increasing by 0.72 percent and 0.63 percent respectively.

The market breadth remained a little unfavorable, with 61 issues witnessing advances against 69 issues recording declines.

Saudi Indian Company for Cooperative Insurance (WAFA Insurance) and Arabian Pipes Company remained at top positions among all Saudi equities, surging by 5.45 percent and 5.32 percent respectively.

Market activity remained roughly 20 percent lower than previous level, specifically 181.4 million shares worth SR 4.7 billion were flowed at Tadawul.

The 50-day average for trading volume is closer to 218 million shares.

Most of the trading was concentrated in Etihad Atheeb Telecommunication Company, which liquidated 19.7 million shares, a relative market share of 10.8 percent. The company has also been able to occupy the place at top gainer chart, moving up 3.4 percent and ranking fifth.

The market leader SABIC (Saudi Basic Industries Corp.) with a liquidity of SR 337.8 million topped the value chart, closing at SR 93.5.