Tadawul: Telecom& IT shares cut down 2.58%

29/10/2014 19:49 AST

The Saudi stock market continued its downward momentum and fell for a third consecutive session on Wednesday.

Despite an upward jump (+52.9 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with 81.7 points or 0.80 percent reduction to 10,081.96.

All Saudi sectors performed negatively, except Hotel & Tourism, which gained 142 points or 0.61 percent for the day. Rest of the 14 sectors trimmed roughly 900 points jointly.

Telecommunication & Information Technology sector posted the largest losses, slipping 2.58 percent to close the day at 2,840.91. Insurance sector followed it, going down two and half percent.

Most of heavyweights finished to the downside, with Etihad Etisalat Co. (Mobily) dipping by 3.92 percent, Saudi Telecom Co. 1.29 percent and Saudi Electricity 1.05 percent. Market breadth with advance-decline ratio of 0.28:1 remained negative.

Share price of MedGulf Insurance dived to a maximum decline of 9.68 percent, closing the day at SR70.55. Aseer Trading was another significant decliner, turning down by 5.84 percent to SR30. But company volume was 218 percent greater as compared to previous day.

On the other hand, Solidarity Saudi Takaful Co outdid rest of its peers, advancing 5.78 percent for the day. It was fifth consecutive win of the company, closing at SR25.05.

Tadawul volume with trades over 224 million shares remained 5.4 percent greater than previous level but still it was twentry percent lower than 50-day average. Liquidity reached to SR 7.2 billion, a decrease of 23 percent over the 50-day average level.

Trading activity was led by Alinma Bank, which represented a relative market share of 12.3 percent in terms of volume and 9.2 percent in terms of liquidity. The company also finished to the upside, liquidating 27.5 million shares worth SR660 million.

GulfBase.com