By Mohamed Abu Meleeh:
Riyadh-Mubasher: The Tadawul All Share Index (TASI) rose on Sunday to extend a winning run for the third successive session.
The market was fueled by positive statements issued by Saudi minister of oil and finance as regards the state budget and oil prices.
Meanwhile, investors are anticipating the announcement of the Kingdom’s budget for the year 2015, which will take place tomorrow.
Tadawul closed Sunday’s session with a gain of as much as 2.46% or 204.84 points to 8525.39 points. Thus, it rose by 16.3% or 1195 points in the last three sessions; these gains represent 73.4% of the losses seen in the eight-session decline that preceded the rally.
Market capitalization gained around SAR 42.3 billion to reach SAR 1.87 trillion, compared with SAR 1.83 trillion on Thursday. It added SAR 269.3 billion in three days.
Saudi oil minister Ali al-Naimi said Saudi Arabia would not cut output to prop up oil markets even if non-OPEC nations did so, according to Reuters.
Referring to countries outside of the Organization of the Petroleum Exporting Countries (OPEC), al-Naimi told reporters: "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut."
Meanwhile, Saudi finance minister Ibrahim Alassaf said Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, according to state news agency SPA.
Sunday’s turnover rose to its highest level in four months, as it amounted to SAR 12 billion; 6.59% higher than SAR 11.26 billion on Thursday. Traded volume also increased by 22.2% to 486.2 million shares from 397.9 million shares.
Most sectors were in green, except for energy (-0.95%). Meanwhile, hotel and tourism was the top advancer (+7.71%), followed by real estate development (+6.83%) and petrochemical industries (+5.58%).
Telecommunications also rose 1.32%, while banks tailed the list (+0.2%). 103 stocks moved up, 48 moved down and 12 remained unchanged.
Medgulf was the top gainer (10%), and Nama (+10%), followed by Emaar E.C., Al Tayyar, Kayan, Al Jouf Cement, Jazira Takaful by more than 9.7% each.
On the negative front, Enaya Insurance was the biggest loser (-6.36%), followed by Tawuniya (-6%) and Arabian Shield (-4.37%).
Leading stocks were mixed, as Al Rajhi Bank fell 1.75%, while SABIC jumped 8.08% and NCB lost 1.26%. Savola added 1.44% and Jabal Omar gained 7%.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Riyadh-Mubasher: The Tadawul All Share Index (TASI) rose on Sunday to extend a winning run for the third successive session.
The market was fueled by positive statements issued by Saudi minister of oil and finance as regards the state budget and oil prices.
Meanwhile, investors are anticipating the announcement of the Kingdom’s budget for the year 2015, which will take place tomorrow.
Tadawul closed Sunday’s session with a gain of as much as 2.46% or 204.84 points to 8525.39 points. Thus, it rose by 16.3% or 1195 points in the last three sessions; these gains represent 73.4% of the losses seen in the eight-session decline that preceded the rally.
Market capitalization gained around SAR 42.3 billion to reach SAR 1.87 trillion, compared with SAR 1.83 trillion on Thursday. It added SAR 269.3 billion in three days.
Saudi oil minister Ali al-Naimi said Saudi Arabia would not cut output to prop up oil markets even if non-OPEC nations did so, according to Reuters.
Referring to countries outside of the Organization of the Petroleum Exporting Countries (OPEC), al-Naimi told reporters: "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut."
Meanwhile, Saudi finance minister Ibrahim Alassaf said Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, according to state news agency SPA.
Sunday’s turnover rose to its highest level in four months, as it amounted to SAR 12 billion; 6.59% higher than SAR 11.26 billion on Thursday. Traded volume also increased by 22.2% to 486.2 million shares from 397.9 million shares.
Most sectors were in green, except for energy (-0.95%). Meanwhile, hotel and tourism was the top advancer (+7.71%), followed by real estate development (+6.83%) and petrochemical industries (+5.58%).
Telecommunications also rose 1.32%, while banks tailed the list (+0.2%). 103 stocks moved up, 48 moved down and 12 remained unchanged.
Medgulf was the top gainer (10%), and Nama (+10%), followed by Emaar E.C., Al Tayyar, Kayan, Al Jouf Cement, Jazira Takaful by more than 9.7% each.
On the negative front, Enaya Insurance was the biggest loser (-6.36%), followed by Tawuniya (-6%) and Arabian Shield (-4.37%).
Leading stocks were mixed, as Al Rajhi Bank fell 1.75%, while SABIC jumped 8.08% and NCB lost 1.26%. Savola added 1.44% and Jabal Omar gained 7%.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
