JEDDAH (SPA) – The Saudi stock market continued its strong performance for the third week in a row, propelled by leading stocks particularly the Saudi Basic Industries Corporation(SABIC), Al-Rajhi Bank and the Saudi Telecom Co. (STC).

The Tadawul All-Share Index (TASI) gained 2.38 percent last week, closing at 8,089.09 points, the highest this year, up from 7,900.88 points in the previous week.

TASI is currently 2.0 percent higher than the year’s start, according to a press statement published today.

Al-Rajhi Bank’s shares edged higher by 5.65 percent to SR88.75, while STC recorded 3.56 percent to SR72.75 and SABIC by 3.32 percent to SR132.25 last week. Etihad Etisalat’s shares also surged 6.74 percent to SR71.25.

The insurance sector also dominated trading last week with the debut of Alahli Takaful Company (ATC) on Tadawul on Saturday. ATC shares jumped 997.50 percent on the first day of trading. For the week, ATC shares gained 1,502.50 percent to SR160.25.

Shares in other insurance companies the Mediterranean & Gulf Insurance & Reinsurance Co. (MedGulf) increased 20.89 percent to SR68 and Malath Cooperative Insurance and Reinsurance Company by 18.91 percent to SR119.50 last week.

Shares in Saudia Dairy & Foodstuff Co. soared 32.62 percent to SR62 and Saudi Printing & Packaging Co. by 14.81 percent to SR54.25.

Emaar the Economic City shares dropped over 3 percent to SR15.75, Riyad Bank by 3 percent to SR56.50 and Arab National Bank by 2.52 percent to SR77.50.

The stock market turnover also increased to SR52.56 billion compared to SR41.12 billion in the previous week. MedGulf was most active by value as over SR2.86 billion worth of shares changed hands last week.