TASI surges 0.22 percent at 6,523.01 on Tuesday
The Tadawul All-Share Index (TASI) surged 0.22 percent at 6,523.01 on Tuesday. The sector activity for the day was mostly positive with 11 out of 15 closing with gains ranging from 0.40 percent by the Telecommunication & Information Technology sector to 2.02 percent by the Media and Publishing sector; in addition, the Insurance sector had no change. On the other hand the losing sectors ranged from 0.15 percent by the Retail sector to 0.91 percent by the Cement sector.
The overall market breadth for the day was positive with 78 advancers against 44 decliners giving it an AD ratio of 1.77, the Financial Transaction House (FTH) said in its daily market report.The stock market turnover reached SR3.28 billion.
Saudi banks rallied, clawing back some of recent losses as investors switched cash from petrochemicals.
Samba Financial Group climbed 3 percent, Banque Saudi Fransi added 0.7 percent and SABB rose 1 percent. This trio, along with unlisted National CommercialBank, agreed a $1.33 billion Islamic financing facility with Saudi Electricity Co. (SEC) on Monday. SEC rose 1.1 percent.
"Banking was the worst performer among the main sectors, but it is now stabilizing and starting to make gains," said Saleh Al-Onazi, vice-president of principal investment at Swicorp.
The banking sector index climbed 0.7 percent, trimming its losses since Sept. 25 to 4.7 percent. Bank shares fell following below-forecast third-quarter earnings.
Saudi Basic Industries Corp. (SABIC) fell 0.2 percent and Yanbu National Petrochemical Co. (Yansab) dropped 1.5 percent.