Saudi index jumps to one-year high

The Saudi market index, TASI soared Tuesday 7.38 percent or 518.45 points to close at the 7,543 – its highest level since year start as 31 stocks closed by their maximum levels.

This uptrend was coupled with a strong trading activity and global stocks’ turnaround, after China’s central bank decided to cut interest rate.

The People’s Bank of China said the interest rate cut was to reduce “the social cost of financing to promote and support the sustainable and healthy developments of the real economy”.

Turnover exceeded SAR 10.3 billion (US$2.7 billion), its highest since 21 May when it reached around SAR 12 billion.

Trading volume reached 592.8 million shares, exchanged in 190,600 transactions.

Out of the 166 companies traded on Tuesday, 161 headed north, spearheaded by JAZADCO which surged 10% to SAR 11.

Meanwhile, five stocks headed south, led by Tihama which dived 10% to SAR 67.50.

Wrapping up sectors, the media sector was the sole decliner, falling 1.39%. Meanwhile, the energy and hotels sectors topped advancers, leaping by more 9% each.

Source: Mubasher