Riyadh - Mubasher: Saudi Electricity Company (SEC) boosted the Saudi Stock Exchange's (Tadawul) general index on Tuesday, whereas declines were seen amongst real estate stocks.
SEC topped gainers, rising 9.8% to close at SAR 20.05, its highest level in over a year (since 15 May 2015). The stock also recorded 10.58 million shares, the highest traded volume in 2016.
Earlier this week, SEC announced inviting companies to submit bids for a tender to build two solar-powered stations in Saudi Arabia. The companies will invest in the power plants and sell electricity to SEC in deals that may become a model for other infrastructure projects in the future as part of the planned economic reforms.
SEC's stock pushed the energy sector to surge 9.43% to 7,082.54 points, also a record-high for 2016.
The general index saw its second straight rise on Tuesday, adding 0.56% or 36.94 points and closing at 6,626.58 points, its highest level in 18 sessions.
Traded volume grew 9.4% on Tuesday to 251.3 million shares, up from 229.68 million on Monday, while traded volume increased 9.97% to SAR 3.9 billion, from SAR 3.56 billion in the previous session.
On the flipside, the real estate sector retreated 0.97% or 60.44 points, registering its first decline in 6 successive sessions with gains totalling 451 points or 7.8%.
The real estate sector's stocks saw a semi-collective decline, as Dar Al Arkan was the biggest loser with 3.15%, followed by Emaar EC with 1.79%, whereas Makkah Construction and Development was the only riser, edging up 0.02%.
The declines coincided with the Ministry of Housing's announcement of the executive regulations for the white lands fee system.
At Tadawul's level, a total of 13 sectors ended Tuesday in the green, while only 2 were down. In addition, 111 stocks gained, whereas 50 retreated and 8 remained unchanged.
