Saudi stocks end six-day rally

07/01/2014 07:43 AST

After six days of trading in the green, the Saudi stock market took a reversal on Monday, dropping more than 25.9 points or 0.3 percent.

The Tadawul All-Share Index (TASI) opened with a negative note (-43 points) and spending entire session in the downward territory closed lower to 8,611.81.

Seven out of Tadawul’s 15 sectors finished to the upside, accumulating 112 points for the day. Industrial Investment came out as the best performing sector, advancing by 0.76 percent and closing at 7,168.07.

On the negative side, eight sectors slipped from previous day’s level, paring an aggregate of 332.7 points. Petrochemical Industries sector showed the worst performance, declining 1.16 percent to close the day at 7,629.96.

Samba Financial Group with half percent upward jump remained prominent among large caps. Kingdom holding, on the other hand, posted the largest losses, falling 2.3 percent further and closing at SR 23.3.

Declining stocks outnumbered advancers on the Tadawul market; as for 40 percent stocks that gained, 47 percent ended lower and 13 percent remained unchanged.

Insurance companies led the top gainer and loser charts, with Bupa Arabia for Cooperative Insurance and Saudi Arabian Cooperative Insurance, offsetting their performance by more than three percent positive-negative change.

Tadawul volume went slightly up and traded 221.7 million shares as compared to previous day’s 207.9 million shares. But liquidity reduced to SR 6.2 billion, a decrease of 10.7 percent from the previous level.

The 50-day average for trading turnover is closer to 182.3 million shares worth SR 5.0 billion.

Alinma Bank with a turnover 43.3 million shares worth SR 650.4 million regained its most active status, capturing nearly one-fifth of the market volume and 10.4 percent of total liquidity.

Gulfbase.com