Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) extended gains for the seventh week in a row during 4-8 December on a positive performance of all sectors except the petrochemical and banking markets.

Tadawul All Share Index (TASI) added 24.34 points or 0.34% to level up at 7,118 points.

Although gains over the past week were the lowest if compared to the previous seven weeks, oil prices are still backing the stock market amid optimistic sentiments spreading among traders, said financial market analyst Salem Al-Shuwyman.

Lower gains were driven by a slight wave of profit-taking in the previous week, the analyst added, clarifying that if this wave continues next week, the main gauge will target 6,875 points.

Market capitalization slightly declined to SAR 1.661 trillion ($442.85 billion) versus SAR 1.660 trillion ($442.92 billion) last week.   

The construction sector led the advancing markets with a 5% rise, followed by the cement and investment sectors after recording an increase of 5% and 4.2% respectively. The telecom sector registered the lowest gains after edging 0.03% up.

Meanwhile, the petrochemicals, banking and media & publishing markets slid by 0.9%, 0.8%, and 0.1% correspondingly.

Trading value reached SAR 31.85 billion, higher 8.2% week-on-week from SAR 29.4 billion.

Trading volume increased 16% week-on-week to SAR 2.05 billion from SAR 1.8 billion.

The best performer was Mediterranean and Gulf Cooperative Insurance and Reinsurance as rising 17.6% to SAR 25.78, while Al Babtain Power and Telecommunication headed the losers with a 4.9% slide to SAR 26.15 a share.

The most active stock in terms of volume and value was Dar Al Arkan Real Estate Development after 561.3 million shares were traded at SAR 3.4 billion. The stock was 4.54% higher to SAR 6.22 a share.