By: Mahmoud Salah Eldin
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) All Share Index (TASI) rose 0.34% or 24.4 points during September, to end the month at the 7,283-point level.
The market capitalisation grew by 0.31%, or SAR 5.39 billion ($1.44 billion), reaching SAR 1.721 trillion ($458.99 billion) by the end of the month.
The average traded value also rose 9.4% over the month, to SAR 3.135 billion ($836.2 billion).
However, the average trading volume declined by 6.5% to 127.3 million shares, as compared to 136 million shares the month before.
One of the dominating factors in the market during September was the low liquidity, market analyst Mohammed Ashemimry said.
Average liquidity increased from the month before but still weak, that is why the index failed in crossing 7,600-point level, and slid this week, Ashemimry added, noting that rising beyond the 7,253-point level will represent a positive movement.
Predictions indicate that oil prices will go above $58 per barrel, a 26-month high, which will positively push the Saudi market, especially the petrochemicals sector, Ashemimry continued.
Allowing women to drive in Saudi Arabia creates an optimistic prospect for the insurance company, while the retail sector will be pushed up by the school season this month, Ashemimry predicted.
The media sector topped the gainers with 7.3%, while food sector led the losers with 6.7%.
Leading sectors saw a mixed performance, as the materials rose 3.37%, followed by the banks with 0.12%, while the telecommunications declined 3.96%.
On another note, the benchmark index (NOMU) of the Nomu-Parallel Market dropped 3.3% or 115.3 points during September, to end the month at 3,362.9 points.
Over the month, NOMU traded value reached SAR 37.4 million with 1.153 million shares traded.
As for the third quarter of 2017, TASI fell 1.9% or 142.7 points to 7,283 points, with a drop in traded value by 2.4% or SAR 42.8 billion ($11.4 billion).
However, TASI recorded, during the first 9 months of 2017, a 1.01% rise, or 72.58 points, with market capitalisation hiking by SAR 39.26 billion ($10.47 billion).
Translated by: Mohammad Shokhba