Transport stocks continue to surge

Arab News

The benchmark Tadawul All-Share index (TASI) ended Wednesday's trading in the green at 9,639.05 points, up 64.5 points or 0.67 percent, from its previous day close at 9,574.51 points.

Sectoral performance was positive, as 13 out of Tadawul's 15 sectors closed in the upward territory, accumulating an aggregate of 1,132.5 points. Transport sector again remained at top, marching higher by 3.47 percent to 8,324.66. Saudi Public Transport Co. (SAPTCO) was a key gainer in this sector, up 5.42 percent to close at SR39.03.

On the other negative side, Media and Publishing sector continued its downward spiral and fell for a ninth session, declining 3.72 percent further to 2,682.42. The sector has reduced its index value by 42.4 percent in nine days.

Tihama Adver-tising & Public Relations Co. has been topping the decliner chart in a consecutive manner, going down further by SR10.76 or 9.53 percent. But the company dominated the liquidity chart, pumping SR458.6 million. Surprisingly, Tihama volume went 17.75 times high over its 50-day average level.

Top ten heavyweights rose from previous day's levels, with Kingdom holding advancing by 1.35 percent and bellwether SABIC (Saudi Basic Industries Corp.) 0.68 percent.

Advancing stocks outnumbered decliners by a margin of 92 to 40 and the prices of 28 companies remained un-changed. Al Alamiya for Cooperative Insurance and new player Umm Al-Qura Cement Company topped the performance chart at Tadawul, soaring up 9.98 percent and 9.93 percent respectively. Share price of Alamiya raced to an all-time high, closing at SR129.5.

Market activity was a little low for the day; specifically 205.2 million shares worth SR7.1 billion were liquidated at Tadawul. This turnover reflects a daily decrease of 31 percent on volume basis and 20 percent in terms of liquidity. The 50-day average for trading turnover is closer to 340.8 million shares worth SR10.6 billion.

Dar Al-Arkan continuing its most active status liquidated over 25 million shares, a relative market share of 12.3 percent. All most active stocks witnessed a positive change on Wednesday.

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