TASI rallies in Ramadan, volumes at seven-year low

Saudi Arabia’s Tadawul All Share Index (TASI) closed Ramadan with solid gains of 3.9 percent, or 312 points, at 8,270, compared to 7,958 at the beginning of the holy month.

The Saudi benchmark maintained its strong performance during Ramadan for the third straight year, after adding 8.1 percent and almost 1 percent in 2017 and 2016, respectively.

On Jun. 6, TASI hit its highest level since August 2015 at 8,461 points during the holy month, but fell to the lowest level on May 17 at 7,942.

The biggest rally was recorded at 168 points on Jun. 3, while the steepest decline came in at 66 pts on Jun. 10.

Meanwhile, the daily turnover rose to the highest level at SAR 4.89 billion on Jun. 3, but slumped to the lowest level in nine months at SAR 2.07 billion on May 27 during the same period.

Total volumes during Ramadan stood at SAR 61.26 billion - the lowest level since 2011, when they hit SAR 52.48 billion.

For stock performance, advancers equaled decliners at 92.

Al Akaria and Arabia Insurance led risers, surging 17 percent each.

Petro Rabigh and Jazan Energy and Development followed, jumping 15 percent each.

Shares of SABIC, Al Rajhi Bank, Riyad Bank, Samba and Saudi Kayan saw gains between 7 percent and 12 percent.

On the other hand, Al Sorayai was the biggest loser, sinking 28 percent. Al Rajhi Takaful came second, dipping 22 percent.

Emaar The Economic City closed 8 percent lower.