09/01/2011
TASI surges to 8-month high
Saudi shares rose to the highest level in almost eight months on Saturday as investors anticipated year-end dividend payouts. The Tadawul All-Share Index climbed 0.49 percent to 6,729.60 points, the highest close since May 10.
The sector activity for the day was all positive except one losing sector. The gaining sectors ranged from 0.11 percent by the Insurance sector to 3.27 percent by the Industrial Investment sector. On the other hand the losing sector was by the Hotel & Tourism sector with 0.04 percent. The overall market breadth for the day was positive with 74 advancers against 48 decliners giving it an AD ratio of 1.54, the Financial Transaction House (FTH) said in its daily market report.
The stock market turnover reached SR4.16 billion on Saturday.
Saudi Arabian Mining Co. (Maaden), and Saudi Arabian Fertilizer Co. (SAFCO) advanced, while US economic data and lower oil prices tempered the gains.
Maaden rose 7.4 percent to SR23.95, the highest price since September 2008. SAFCO, the unit of Saudi Basic Industries Corp. (SABIC), climbed 2.8 percent to SR171.75. Samba Financial Group, the Kingdom's second-largest lender by market value, increased by 1.3 percent to SR60.75.
SABIC, the world's largest petrochemicals maker, added 0.2 percent to close at SR107.50 after earlier dropping as much as 0.5 percent. Rabigh Refining & Petrochemical Co., a joint venture between Sumitomo Chemical Co. and Saudi Aramco, advanced 2.8 percent to SR23.5 after resuming full output at its production compound on Jan. 6.
Yamamah Cement Co. gained 1 percent to SR52.75, the highest close in almost two weeks, after saying preliminary fourth-quarter net income rose 10 percent from a year earlier to SR160 million ($42.7 million)..Operating profit for the fourth quarter increased by 11 percent to SR166 million.
Saudi Cement companies are still faced with an export ban imposed in 2008 after cement prices skyrocketed as firms were seeking more lucrative offers abroad, leading to a shortage of cement in the local market.
