Saudi Gazette report

RIYADH — The Tadawul All Share Index (TASI), the Saudi main stock index, rose for two consecutive sessions for the first time in two weeks, closing at 11,730, gaining 51 points (0.43%). This is mainly attributed to the strong performance made by Saudi Aramco, which rose two percent marking its best daily performance in five months, affected by the rise in oil prices.

The recent movements of the market compensated for about half of the losses incurred at the beginning of the week, but Wednesday’s session rose at a slower pace with an increase in the number of declining companies and a decrease in trading values ​​from the previous session by 23 percent to record SR7 billion. This shows less activity by buyers, which does not enhance the chances of maintaining positive performance and keeps the market exposed to fluctuations.

Small companies captured half of the liquidity and their index performed better than medium and large companies, rising 1.45 percent, which is higher than the general index, while large companies recorded lower trading than the rest, reaching SR1.6 billion.

Six sectors recorded a decline, led by Al-Naql by 1.3 percent while the remaining sectors witnessed an increase, led by Al-Adawiyah with 3.5 percent. Banks were the highest traded with a value of SR875 million.

The shares of 169 firms rose compared to decline of 62 shares and the Petro Rabigh share led the rising shares with the highest limit after Saudi Aramco sought to raise its stake in the company to 60 percent.