TASI edges up
The Tadawul All-Share Index (TASI edged up 0.05 percent to 6,333 points. The sector activity for the day was mixed with 8 out of 15 sectors closing with gains ranging from 0.07 percent by the Transport sector to 1.43 percent by the Industrial Investment sector. On the other hand the losing sectors for the day ranged from 0.11 percent by the Multi-Investment sector to 0.96 percent by the Media and Publishing sector. The overall market breadth for the day was positive with 55 advancers against 64 decliners giving it an AD ratio of 0.86, the Financial Transaction House (FTH) said in its daily market commentary.The liquidity for the day reached SR2.69 billion.
Saudi Basic Industries Corp. (SABIC) rose 0.5 percent to a new five-month high and analysts are bullish about the prospects for Saudi petrochemicals as expected US quantitative easing measures - essentially printing more dollars - boost materials stocks globally.
"There is serious value to be found in Saudi petchems, especially the big names like SABIC and Yansab," said a Riyadh-based trader at an international bank.
Meanwhile, the Capital Market Authority (CMA) will launch a new interactive website on Wednesday as part of its efforts to reach out to investors and enhance their right and investment awareness
Most Middle East markets dipped, tracking losses in global stocks.