By Mohamed Abu Meleeh:
Riyadh-Mubasher: The Saudi Stock Exchange (Tadawul) benchmark index TASI returned to the green territory on Wednesday, reversing an eight-session losing run during which it shed 1627.33 points, or 18.17%.
The index rose 4.21% or 308.6 points (18.9% of the losses seen in the eight-day fall) to close at 7638.9 points. It was buoyed by the reassuring statements made by Finance Minister Ibrahim Alassaf.
Alassaf said on Wednesday that Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, according to news agency SPA.
Fahd Al Bagmi, member of securities committee at Jeddah Chamber of Commerce and Industry (JCCI), said the market was fueled by the reassuring statements made by the minister.
Over the last period, traders had concerns about possible decline in state spending due to the fall of oil prices, Al Bagmi said, expected the market to continue its rally till announcing the country’s state budget on Monday.
He also forecasted the market to continue the rise upon announcing positive figures in the budget, adding that the market will likely resume the slide if the budget contains deficit.
Most sectors moved higher, except for transportation and media that went down 5.57% and 3.36% respectively.
Hotel and tourism (+7) and telecommunications (+6.71%) was the top gaining sectors. Energy, retail, petrochemical industries and multi-investment rose by more than 5% each, while banks advanced 4.5%.
118 stocks headed north, topped by Al Tayyar (+9.98%) and Petrochem (+9.9%), while 42 other stocks headed south led by Aljazira Takaful (-10%).
Malath Insurance, United Insurance, MESC and Sagr Insurance fell by more than 9% each.
All leading stocks moved higher, namely Al Rajhi Bank (+3.55%), SABIC (+4.8%), NCB (+6.56%), Savola (+2.63%) and Jabal Omar (+2.48%).
Wednesday’s turnover rose 17.27% to SAR 8.58 billion from SAR 7.31 billion yesterday, while traded volume increased by 24.88% to 404.8 million shares from 324 million shares.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Riyadh-Mubasher: The Saudi Stock Exchange (Tadawul) benchmark index TASI returned to the green territory on Wednesday, reversing an eight-session losing run during which it shed 1627.33 points, or 18.17%.
The index rose 4.21% or 308.6 points (18.9% of the losses seen in the eight-day fall) to close at 7638.9 points. It was buoyed by the reassuring statements made by Finance Minister Ibrahim Alassaf.
Alassaf said on Wednesday that Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, according to news agency SPA.
Fahd Al Bagmi, member of securities committee at Jeddah Chamber of Commerce and Industry (JCCI), said the market was fueled by the reassuring statements made by the minister.
Over the last period, traders had concerns about possible decline in state spending due to the fall of oil prices, Al Bagmi said, expected the market to continue its rally till announcing the country’s state budget on Monday.
He also forecasted the market to continue the rise upon announcing positive figures in the budget, adding that the market will likely resume the slide if the budget contains deficit.
Most sectors moved higher, except for transportation and media that went down 5.57% and 3.36% respectively.
Hotel and tourism (+7) and telecommunications (+6.71%) was the top gaining sectors. Energy, retail, petrochemical industries and multi-investment rose by more than 5% each, while banks advanced 4.5%.
118 stocks headed north, topped by Al Tayyar (+9.98%) and Petrochem (+9.9%), while 42 other stocks headed south led by Aljazira Takaful (-10%).
Malath Insurance, United Insurance, MESC and Sagr Insurance fell by more than 9% each.
All leading stocks moved higher, namely Al Rajhi Bank (+3.55%), SABIC (+4.8%), NCB (+6.56%), Savola (+2.63%) and Jabal Omar (+2.48%).
Wednesday’s turnover rose 17.27% to SAR 8.58 billion from SAR 7.31 billion yesterday, while traded volume increased by 24.88% to 404.8 million shares from 324 million shares.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
