Riyadh – Mubasher: Saudi Arabia’s equity market strengthened on Wednesday as sectors shut collectively in the green zone.
Tadawul All-Share Index rose by as much as 1.17% or 73 points to close at 6,305.78 points.
Following the recent sideways movement, the index was helped by the positive news about the upcoming meeting between OPEC and oil producers outside the cartel in Doha next April, said financial analyst Ali Al-Jaafari.
The media and publishing sector was the biggest gainer, with a rise of 9.56%, while the petrochemical industries, banks and telecoms gained 2.4%, 0.54% and 0.54% respectively.
Today’s trading activity gained momentum compared with Tuesday’s levels, as traded value increased to SAR 5.03 billion ($1.34 billion), from SAR 4.51 billion ($1.2 billion) and traded volume rose to 281.38 million shares from 266.13 million shares.
Giant petrochemical producer SABIC was the top active in terms of turnover, with SAR 567.6 million, or 11% of the market’s total traded value. The stock rose by 2.3% to SAR 76.
Saudi Printing was the best performing stock (+9.94%), while ACE was the biggest drag with a fall of 2.62%.
Al Rajhi rose by 1.13% to SAR 52.75 and NCB pulled ahead by 0.49% to SAR 40.90. Mobily shut 0.29% lower at SAR 27.60.
