TADAWUL: Media and tourism stocks stay in limelight

19/03/2014 07:32 AST

Saudi stocks took another dip on Tuesday, as the Tadawul All-Share Index (TASI) fell further 36.34 points or 0.39 percent to close at 9,331.69. The index performed within a high range of 87 points, moving 34 points up and 53 points below the break-even level.

The market cap indices closed the day in mixed territories. Seven out of Tadawul’s 15 sectors indices finished to the upside, reflecting an accumulation of 1,068 points.

Media and Tourism were major winners among sectoral indices, which marginally increased by 5.3 percent and 4.3 percent respectively.

On the other negative side, eight sectors closed in the downward territory, paring an aggregate of 432 points.

Cement sector came out as the biggest loser, shedding 1.54 percent or 114.3 points to close the day at 7,329.48. Saudi Cement Company showing excessive losses of SR 6.5 or 5.68 percent became the major decliner at Tadawul.

Most of heavyweights closed in red, with SABB dipping by 0.84 percent and bellwether SABIC (Saudi Basic Industries Corp.) 0.65 percent.

Only Kingdom Holding and Saudi Telecom showed a positive change among large caps, advancing 1.56 percent and 1.16 percent respectively.

The market breadth with advance-decline ratio of 0.72:1 remained unfavorable. Tihama Advertising & Public Relations Co. turned in a splendid performance among all Saudi stocks, soaring up 9.98 percent and closing at SR165.25.

Saudi Industrial Export was another significant gaining stock, surging 6.31 percent for the day. Tadawul total volume set sold approximately 347 million shares, an increase of eight percent as compared to previous level. Roughly SR9.0 billion was poured into the market.

The 50-day average for trading turnover is closer to 274 million shares worth SR7.4 billion. Most of the trading was concentrated in Saudi Mobile Telecommunications Co. (Zain) with 53.9 million shares, capturing 15.5 percent of market volume.

Gulfbase.com