By Mohamed Abu Meleeh

Riyadh-Mubasher: The Saudi Stock Exchange (Tadawul) rose on Wednesday, unhurt by the trading suspension on Mobily stock.

However, Mobily stock halt was evident in the liquidity of the telecommunication sector, as it fell by more than half to SAR 240.8 million, compared with SAR 732.7 million out of which 39.4% or SAR 289 million was controlled by Mobily.

Analysts said earlier that Mobily’s announcement that it incurred losses instead of profits was shocking for investors.

Mazem Al Sidairi, head of research, Alistithmar Capital, told Mubasher that the market was slightly impacted by Mobily news as it was almost expected.

The Saudi stock market ended Wednesday’s session 0.28% or 26.19 points higher at 9320.31 points; thus extending its rise for the second successive day.

The benchmark was buoyed by banks (+1.12%), in addition to industrial investment (+3.29%), transportation (+0.70%) and building & construction (+0.16%).

On the flipside, eleven sectors moved lower led by hotel & tourism (-1.78%), then insurance (-0.91%) and agriculture & food industries (-0.79%). Telecommunication and petrochemical industries also went down by 0.28% and 0.20% respectively.

The market’s turnover rose 21.4% to SAR 7.76 billion from SAR 6.39 billion on Tuesday. Similarly, traded volume increased to 300.2 million shares from 270 million shares.

59 stocks moved higher, compared with 105 yesterday, topped by Ma’aden (+6.03%), Dallah (+4.10%) and SAPTCO (+3.24%). Meanwhile, 83 stocks moved lower, compared with 41 yesterday, led by United Insurance (-3.22%), Petro Rabigh (-2.26%) and Al Othaim (-2.25%).

Translated by Sayed Abdel Rahman

Photo Credit: Arabianeye-Reuters