• TASI gains 0.18 % closing at 6,574.66 points


    TASI gains 0.18 % closing at 6,574.66 points

    The Saudi stock exchange was last week the scene for violent fluctuations and profit-taking moves that put downward pressure on blue chips, particularly the petrochemical sector which scored tangible gains over the past couple of weeks.
    The Tadawul All Share Index (TASI) of the Arab world’s largest bourse gained 0.18 percent on weekly basis, closing at 6,574.66 points.
    ”I believe the market is calm after investors pushed down prices of leading stocks through profit taking and speculation moves pending the release of quarterly results,” Saudi analyst Mohammad Anqari said.
    He said that such situation lured investors to resort to small caps, ”which is a normal behavior during lacklustre situations”.
    Anqari expected a 20 percent jump in the quarterly profits of petrochemical firms, particularly the Saudi Basic Industries Corp. (SABIC), given the latest rises in prices of crude oil and petrochemical products and predictions that oil prices could rise to 120 dollars a barrel.
    ”I think the world demand for petrochemical products will also gather momentum with the improving global economy,” he said.
    On a week-to-week basis, the sector activity was mixed with nine out of 15 with gains ranging from 0.54 percent by the telecommunication and information technology sector to 4.94 percent by the hotel and tourism sector.
    On the other hand, the losing sectors ranged from 0.17 percent by the banks and financial services to 4.62 percent by the energy and utilities sector.
    In addition, the cement sector had no changes this week, the Financial Transaction House — licensed by the Capital Market Authority — said in its weekly report.
    The top gainers for the week were the AXA Cooperative Insurance Co. with rise of 48.40 percent to close at SR30.20 and the Sanad Insurance and Reinsurance Cooperative Co. with again of 18.23 percent to close at SR18.80.
    The top losers for the week, on the other hand, were the Zamil Industrial Investment Co. with a loss of 11.12 percent to close at SR30.40 and the Qassim Agriculture Co. losing 8.30 percent to close at SR9.40.
    The stock market turnover rose slightly last week to SR24.78 billion as compared to SR24.12 billion in the previous week, the FTH report said.
    Arab stock markets were volatile last week as investors resorted to profit taking and speculation tactics, pending the publication of first quarter results, financial analysts said on Friday.

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