Tadawul index extends gains

The Saudi stock market marked its third consecutive gain yesterday. The Tadawul All-Share Index (TASI) closed higher at 6,823.8 points. It added further 53.84 points or 0.80 percent and spiked above the previous closing at 6,769.96 levels. While curving in the upward territory throughout the day it rose to a maximum gain of 57.1 points. All market cap indices ended the day in the green district. Fourteen out of Tadawul's 15 sectors moved upward, showing a collection of 506.3 points. Only Transport sector closed a little lower from previous day's level, losing a nominal 2.51 points or 0.05 percent. Industrial Investment came out as key performing sector among sectoral indices, reflecting an increment of 95.55 points or 1.52 percent to close the day at 6,363.88. Petrochemical Industries and Banks & Financial Services sectors followed it, advancing more than one percent for the day. Banking sector added considerable 146.3 points, closing the day at 14,736.76. The advancers easily outnumbered declining stocks on the Tadawul (market); as for 79 percent stocks that gained, 14 percent ended lower and 7 percent remained unchanged. Insurance stocks recorded substantial gains yesterday. Al-Ahli Takaful Co. (ATC) and Bupa Arabia for Cooperative Insurance made the biggest jumps among all Saudi equities, achieving a daily growth of 9.96 percent and 9.92 percent respectively. Eight out of top 10 heavy weight stocks ended in the green. Saudi Telecom Co. and SABB performed well relatively, marching higher by 2.16 percent and 1.64 percent respectively. Only Saudi Arabia Fertilizers Co. (SAFCO) went downward slightly, trimming 0.32 percent for the day. Arabnews