TASI closed 0.74 percent higher to 6,508.93 on Monday
Saudi Market Daily Commentary
Pipe-making firms lifted the Saudi index on Monday as traders bet on likely infrastructure spending ahead of the Kingdom's 2011 budget, whilepetrochemical shares rebounded following renewed oil price gains.
But most Middle East markets fell, with few new catalysts to spur investors to increase risk as the year-end nears.
Saudi Arabian Amiantit Co. climbed 5.3 percent and Arabian Pipe jumped 10 percent.
Saudi Arabia is expectedto soon release its 2011 budget, while the Kingdom is slated to spend $400 billion in five years to 2013 to enhance its infrastructure.
Saudi Basic Industries Corp. (SABIC) ended flat, rebounding after slumping to a two-week intraday low.
The Tadawul All-Share Index (TASI) closed 0.74 percent higher to 6,508.93 on Monday. The sector activity for the day was mostly positive with 9 out of 15 closing with gains ranging from 0.05 percent by the Real Estate Development sector to 2.08 percent by the Building & Construction sector. On the other hand the losing sectors ranged from 0.26 percent by the Petrochemical Industries sector to 1.75 percent by the Hotel & Tourism sector.
The overall market breadth for the day was positive with 60 advancers against 62 decliners giving it an AD ratio of 0.96, the Financial Transaction House (FTH) said in its daily market commentary.The stock market turnover reached SR4.13 billion on Monday.