Energy, Petchem stocks suffer losses

06/05/2015 15:12 AST

Saudi Arabia’s benchmark Tadawul Index opened its Tuesday’s trading session on a high note (+0.61 percent) but ended with a decrease of 0.37 percent.

The index closed at 9,751.03 points level, wavering in a range of hundred points exactly.

Large cap index contributed to the weak closing of the market, the GulfBase said in its market commentary.

Most of the major sectors closed in the downward territory, dropping 662 points collectively. Energy and Petrochemical Industries sectors showed the worst performance, declining over one percent for the day.

Most of the trading was concentrated in Petrochemical sector, which liquidated approx. 84 million shares, one-fourth relative market share.

The sector also pumped 21.7 percent (roughly SR2.0 billion) into the market.

On the positive side, Media and Publishing sector rose 0.86 percent to close at 2,438.52.

Samba Financial Group and SABIC (Saudi Basic Industries Corp.) came out as significant players among heavyweights, offsetting their performance by one percent positive-negative change.

The market breadth with advance-decline ratio of 0.42:1 remained unfavorable.

New player Middle East Paper Co. (MEPCO) outdid rest of the Saudi stocks, soaring up 9.92 to reach at SR 39.90.

Saudia Dairy and Foodstuff Co. climbed to a fresh five-year high of SR 139, up 4.68 percent to finish at SR 135.05. The company volume was 5.6 times high over its 50-day average.

On the other hand, Share price of ANB Cooperative Insurance dived to a decline of 9.55 percent, closing the day at SR 60.05.

Market activity was 15-to-20 percent high when compared with previous level.

More than 347 million shares worth SR 9.2 billion changed hands on the Saudi stock market. The 50-day average for trading turnover is closer to 340 million shares worth SR 9.1 billion.

GulfBase.com