Jan 09 2011 |
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TASI surges to 8-month high
JEDDAH: Saudi shares rose to the highest level in almost eight months on Saturday as investors anticipated year-end dividend payouts. The Tadawul All-Share Index climbed 0.49 percent to 6,729.60 points, the highest close since May 10.The sector activity for the day was all positive except one losing sector. The gaining sectors ranged from 0.11 percent by the Insurance sector to 3.27 percent by the Industrial Investment sector. On the other hand the losing sector was by the Hotel & Tourism sector with 0.04 percent. The overall market breadth for the day was positive with 74 advancers against 48 decliners giving it an AD ratio of 1.54, the Financial Transaction House (FTH) said in its daily market report.
The stock market turnover reached SR4.16 billion on Saturday.
Maaden rose 7.4 percent to SR23.95, the highest price since September 2008. SAFCO, the unit of Saudi Basic Industries Corp. (SABIC) , climbed 2.8 percent to SR171.75. Samba Financial Group , the Kingdom's second-largest lender by market value, increased by 1.3 percent to SR60.75.
Yamamah Cement Co. gained 1 percent to SR52.75, the highest close in almost two weeks, after saying preliminary fourth-quarter net income rose 10 percent from a year earlier to SR160 million ($42.7 million).
Operating profit for the fourth quarter increased by 11 percent to SR166 million.
Saudi Cement companies are still faced with an export ban imposed in 2008 after cement prices skyrocketed as firms were seeking more lucrative offers abroad, leading to a shortage of cement in the local market.
© Arab News 2011
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