SGS shares achieve maximum gain on debut

The Saudi stock market ended Thursday’s trading session solidly in the green. The Tadawul All-Share Index (TASI) closed up 54.3 points or 0.58 percent to 9,367.29.
It performed within a trading range of 76 points, extending YTD gains to 12.41 percent.
Thirteen out of Tadawul's 15 sectors ended the day with modest gains, accumulating an aggregate of 1,161 points.
Again Media and Publishing posted the biggest gains among sectoral indices, marching higher by 4.74 percent to 2,442.38. Tihama Advertising and Public Relations Co. rose 9.85 percent, closing at SR108.75.
Agriculture and Tourism sectors followed it, advancing by 1.65 percent and 1.54 percent respectively.
Market breadth was positive, as rising stocks outnumbered decliners by a margin of two-to-one on the Tadawul market.
Trading of Saudi Ground Services Co. (SGS) started on Thursday after IPO, with opening price of SR55. Share price of SGS rallied to a maximum daily gain of ten percent.
The company provides ground handling services to local and foreign airlines in all 27 airports across Saudi Arabia.
It secured a large variety of specialized equipment such as push-back, passenger step, Medical lift, support equipment such as air-condition unit, air starter unit, headset, traffic control service, flight information and load control.
Market activity was 10-to-20 percent high when compared with previous level. Roughly 157 million shares worth SR4.8 billion changed hands on the Saudi stock market.
Most of the trading was concentrated in Dar Al-Arkan with 22.6 million shares, capturing 14.4 percent of the market volume. But the company is still trading below its par-value.