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Saudi stocks' turnover hits 5-year high at SR21.6b
Published in The Saudi Gazette on 20 - 03 - 2012

Saudi Arabia's bourse hit a five-year trading value high of SR21.6 billion ($5.76 billion) Monday as retail investors continued to speculate in mid-cap stocks, but the index ended flat, while other regional markets closed mixed.
The stock benchmark Tadawul All Share Index ended flat to close at 7,616.01 points, the highest closing level since September 2008, as the rally loses steam.
Trading was focused on Zain Saudi, which rose 3.6 percent, Alinma Bank, closing 9.8 percent up, Dar Al Arkan, gaining 5.8 percent, and Saudi Kayan Petrochemical, which slipped 1 percent.
“These four shares have the available volume for trading and their share prices are appropriate for the market to make them the incubators for speculation right now,” said Tarek Al-Madi, a Saudi-based financial analyst.
“It's more affordable for them to get into stocks that are below SR20, especially for the small, retail investors.”
Bellwether Saudi Basic Industries Corp. (Sabic) climbed 0.2 percent, but heavyweight Al Rajhi Bank dipped 0.3 percent.
“If Sabic moved higher, which is likely to happen in the coming few days, in addition to the banking sector, I think we're closing in on 8,000 points,” added Al-Madi.
Elsewhere, Dubai's index ended higher for a first session in three , rising 0.5 percent to 1,668 points, while Abu Dhabi's benchmark eased 0.06 percent to 2,604 points - down for a third-straight session.
In Qatar, the index ticked up 0.2 percent to finish at its highest close since March 5 at 8,684 points.
In Oman, the benchmark extended its decline for a third session, down 0.5 percent from last week's eight-month closing high to 3.5 percent.
Elsewhere, Kuwait's index eased 0.04 percent, eased 0.04 percent to 6,231 points, down from Sunday's eight-month closing high.
Bahrain index fell 0.5 percent to 1,148 points.


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