Tadawul: Banking stocks suffer losses

02/09/2014 20:36 AST

The Saudi stock market was in the red on Tuesday, reversing after a 5-day surge and dropping 0.62 percent for the day.

The Tadawul All-Share Index (TASI) opened on a negative note and plunged to a maximum decline of 90 points, closing at 11,048.19.

Large cap index was down by 0.67 percent. Most of the major sectors closed in the downward territory, paring an aggregate of 624 points.

Banks & Financial Services sector posted the largest losses, falling 1.33 percent for the day. The sector weighed down by heavyweights, with Saudi British Bank dipping by 2.29 percent, Samba Financial Group 1.99 percent and Riyad Bank 1.43 percent.

The most active Real Estate Development sector slipped 1.19 percent, closing at 7,240.2 points. Dar Alarkan with trades over 43 million shares topped the volume chart, capturing roughly 14 percent of the overall market volume. But the company closed lower by 1.94 percent.

Only Energy, Tourism and Insurance sectors showed a positive change for the day, accumulating 216 points jointly.

The total number of falling stocks exceeded to the total number of rising stocks by a margin of 90 to 49 and the prices of 23 companies remained unchanged.

Saudi Indian Company for Co-operative Insurance (Wafa Insurance) remained at top position among all Saudi equities, soaring up 9.86 percent to close the day at SR41.2. AXA

Cooperative Insurance volume went 6.7 times high over its 50-day average, growing by 2.74 percent.

Abdullah A. M. Al Khodari Sons Co., on the contrary, showed the worst performance, declining by 3.8 percent to close at SR66.

Market activity was high as compared to 50-day average level, ranging from 26 percent to 29.8 percent.

A considerable amount of turnover 310.3 million shares worth SR10.4 billion changed hands on the Saudi stock market.

GulfBase.com