Industrial Investment sector trims back 8,000-mark

12/02/2015 20:20 AST

Saudi stocks took another dip on Wednesday, as the Tadawul All-Share Index fell sharply by 166.8 points or 1.79 percent to close at 9,133.7.

The sectoral indices logged a negative change, except Energy & Utilities, which gained 83.8 points or 1.33 percent for the day.

Industrial Investment sector showed the worst performance, slipping 2.97 percent and trimming back the 8,000-mark. Construction and Petrochemical Industries sectors followed it, going down 2.91 percent and 2.47 percent respectively.

Most of heavyweights closed in the downward territory, with National Commercial Bank dipping by 4.98 percent, Riyad Bank 1.92 percent and bellwether SABIC (Saudi Basic Industries Corp.) 1.72 percent.

Only Saudi Electricity Co. and Jabal Omar witnessed a positive change among large caps, advancing 1.46 percent and 0.51 percent respectively.

The market breadth confirmed a bearish momentum, as out of 163 stocks traded Wednesday only 16 stocks managed for gains.

Insurance companies led the top gainer and loser charts, with AXA-Cooperative Insurance and Tawuniya Insurance, offsetting their performance by 9.9 percent positive-negative change.

On Wednesday, AXA board of directors have approved a capital increase of 125 percent from SR 200 million to SR 450 million by issuing 9-for-4 right issue shares @SR 10 per share.

Alalamiya Cooperative Insurance was another significant advancer, rising by 8.57 percent. The company volume went six times high over its 50-day average.

Furthermore, it was 14th straight win of Buruj Cooperative Insurance, marking another gain of 4.63 percent to SR 49.63.

Market activity was 13.8 percent low as compared to previous day, even reaching at the level of 50-day average.

More than 358 million shares worth SR 8.9 billion changed hands on the Saudi stock market. Dar Al-Arkan Real Estate with a volume of 57.8 million shares secured its most active status, achieving a relative market share of 16.1 percent.

But the company fell 4.7 percent and closed below its par value.

GulfBase.com