Market cap surges to SR 1.33 trillion

After two consecutive weeks of trading in the red, the Saudi stock market rebounded last week, recovering a few points merely. The Tadawul All-Share Index (TASI) ended the week in the green at 6,666.8 points, up 38.54 points or 0.58 percent, from its previous weekend close at 6,628.26 points. Its weekly trading range narrowed further to 80 points only as compared to previous week's 147 points. TASI's year-to-date gains improved slightly to 3.88 percent. Total market capitalization of Saudi stock exchange reached at SR1.33 trillion as compared to previous week's SR1.31 trillion, an increase of over one percent. Micro Cap performed well relatively as it posted a weekly growth of nearly 4 percent. The market breadth was in the favor of bulls as out of 155 stocks traded last week only 54 were able to close lower. Furthermore, upside-downside volume ratio of 1.9:1 remained largely positive. Nine out of Tadawul's fifteen sectors witnessed a positive weekly change, accumulating an aggregate of 478 points. Remaining six sectors closed in downward territory, paring an aggregate of 239 points for the entire week. The Insurance sector has been showing a volatile performance for the previous three weeks, flip-flopping in the top and worst positions consecutively. However, it performed well and occupied the top position last week, showing an increment of 8.05 percent, 1,181.31from 1,093.29. Saudi Telecom CO. and Saudi Arabia Fertilizers Co. (SAFCO) were major gainers among heavyweights, surging by 12.47 percent and 5.52 respectively. AMANA Insurance and Allied Insurance Group among all Saudi stocks turned in a splendid performance, topping the weekly gainers chart with a positive change of 60.2 percent and 34.8 percent respectively. Major benchmark indices at GCC stock markets ended the week with mild losses as they have been unable to gather any upward momentum. Dubai Financial Market (DFM) performed worst, declining by 1.7 percent for the week. The benchmark GulfBase GCC General Index ended the week at 3,775.59 points level, losing 5.51 points or 0.15 percent for the entire week. From arabsnews