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They're talking about the liquidity of the stock by looking at the acctual trade. Liquidity and trade are two different things, don't get confused. In other words, the trading is the reality and the liquidity is the drawn conclusion.
look at the following and see how they described it......
"Rajhi is the most liquid stock with an average daily trading value ...."
"Rajhi, by far, is the most liquid stock in terms of trading value...."
Finally, we look at the liquidity of the banks’ stocks in the first 11 months of 2010. All else equal, the higher the liquidity of a stock, the better. We plot the average daily trading value for the sampled banks in Figure 1-7. By far, Rajhi is the most liquid stock with an average daily trading value of USD 24.5 million in the first 11 months of this year. The Qatari banks, led by CBQ, came in second place with their average daily trading value ranging from USD 3.6 million for QNB to USD 5.9 million for CBQ.
Figure 1-7 Daily Average Trading Value
Rajhi, by far, is the most liquid stock in terms of trading value, followed by the Qatari banks