By Thabet Shehata
Riyadh – Mubasher: Saudi stocks were bullish on Wednesday, paring some of the losses seen yesterday.
The main index, or TASI, rose by as much as 0.63% or 38.81 points to close at 6,215 points.
Most sectors were in green, topped by banks, petrochemical industries and telecoms.
The market was buoyed mainly by the petrochemicals (15.2 points), banks (7.7 points) and real estate (5.5 points). Meanwhile, the cement sector fell by 2.2 points due to record dates for cash distributions of two companies under the sector, according to Ali Al-Jaafari, financial analyst.
Today’s liquidity rose by 29.2% to SAR 5.67 billion ($1.51 billion), from SAR 4.38 billion ($1.17 billion) on Tuesday. Traded volume also increased by 1.65% to 231.8 million shares from 228 million shares.
MEAHCO stock, which extended its gains to the second successive day, seized one third of today’s liquidity. It accounted for 30.4% or SAR 1.72 billion, after 22.7 million shares changed hands. The stock jumped by 9.96% to SAR 77.25.
According to the analyst, traders are anticipating the release of corporate financial results for the first quarter of 2016.
12 sectors moved higher, topped by insurance (+3%), then petrochemical industries (+1.48%). Telecoms and banks rose by 1.08% and 0.36% in a row.
On the flipside, media and publishing fell by 1.2%, then cement (-0.56%) and energy (-0.28%).
Tracking stock performance, Wafa Insurance was the top gainer (+9.97%). SABIC and Al Rajhi gained 1.67% and 1.3% in a row. Meanwhile, Southern Province Cement was the biggest loser (-9.35%). Zain KSA and NCB sagged 1.67% and 0.17% in a row.
Translated by Sayed Abdel Rahman
