Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) continued its positive performance, as the main index ended Wednesday’s trading session gaining 2.95% or 194.54 points, and closed at the level of 6,796.13 points.
This is the highest level that Tadawul All Share Index (TASI) has reached in more than 7 months, specifically since 1 May 2016.
The main index gains were accompanied by a 29% increase in turnover to SAR 9.6 billion compared to SAR 7.44 billion on Tuesday, this is mainly attributed to four special transactions that were held today, two of which were carried out on Al Marai stock at SAR 2.55 billion, this is the highest traded value since 25 April.
Al Marai registered a total turnover of SAR 2.6 billion with a traded volume of 41.3 million shares. Yesterday, the company saw the highest traded value since its inception at SAR 2.7 billion.
Another two special transactions were hold today on Najran Cement with a total value of SAR 4.73 million, and Cooperative Insurance at SAR 1.86 million.
According to technical analyst Salem Al-Showiman, the market is still continuing its rising trend, stimulated by the SAR 100 billion payment that was made to contractors and companies, of which 40% have been paid and the remaining 60% are scheduled by the end of the year.
The banking sector and the petrochemical companies have benefited the most from the rise of oil prices, which in turn took part in stimulating the main index.
All sectors rose today except for REITs which settled at is previous levels, while transportations was the biggest gainer adding 9.68%, followed by real estate, petrochem and banks with 3.75%, 3.48% and 2.49% respectively.
Around 97% or 165 of the stocks closed in green, while only 5 stocks declined.
Printing and Packaging was today’s top gainer as it surged 9.9%, followed by Research and Marketing Group with 9.85% and Ash-Sharqiyah Development with 9.75%.
On the other hand, Al Rajhi Takaful which lost 1% was the session’s biggest loser, followed by Trade Union and Walaa with 0.43% and 0.39%.
