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High trading volume at Tadawul
13/03/2012 10:43:09 PM GMT 

By ARAB NEWS Published: Mar 13, 2012 23:34 Updated: Mar 13, 2012 23:34

JEDDAH: An adequate amount of liquidity continued to flow into the Saudi stock market yesterday from the previous day.

The trading activity at Tadawul with 777.6 million shares appeared to be extremely high yesterday. This turnover surpassed the previous record of second highest volume logged as on June 3, 2008 at Tadawul when 749.4 million shares were traded.

Commenting on the Tadawul's massive turnover, Basil Kabbani of Zughaibi & Kabbani Financial Consultants, said: "The recent significant levels of elevated turnover are positively correlated with market's healthy returns and perhaps Tadawul's profitability suffers a temporary dip for the day."

The Tadawul All-Share Index (TASI) lost about 18.11 points or 0.24 percent to end the day at 7,521.6 points.

The top gainers and losers charts were filled with the insurance stocks. Malath Cooperative Insurance and Weqaya Takaful insurance were key gainers of the day, up 9.9 percent.

On the worst side, Allianz Saudi Fransi Cooperative Insurance Company and Tawuniya were the biggest losers, down 7.23 percent and 7.01 percent respectively.

Reproduced with permission from Arab News Source: Arab News

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