FARM shares dip first time after debut

27/02/2014 09:28 AST

Saudi stocks oscillated in a narrow trading range of 27 points Wednesday, almost a repeat of previous day’s flat performance which turned slightly negative and the day ended in red. The Tadawul All-Share Index (TASI) closed at 9,058.54, reversing after a 6-day surge and dropping a nominal 0.04 percent.

All market cap indices finished to the downside, with Micro cap dropping 0.7 percent. Nine out of Tadawul’s 15 sectors closed up, accumulating over 240 points for the day.

Other five sectors trimmed an aggregate of 305.8 points. While, Energy & Utilities sector ended without any change.

Sectoral performance was dominated by Industrial Investment and Real Estate Development sectors, offsetting their performance by more than one percent positive-negative change. The market breadth with advance-decline ratio of 0.53:1 remained unfavorable. Fitaihi Holding Group and Bank AlJazira topped the performance chart at Tadawul, surging by 5.3 percent and 4.8 percent respectively.

Alkhaleej Training and Education Company, on the other hand, recorded the biggest losses, going down by 4.21 percent to close the day at SR 62.5.

Most of heavyweights slipped from previous day’s level, with Samba Financial Group dipping by 0.82 percent and Saudi Marketing Company (FARM) 0.69 percent.

FARM is one of the leading companies in the field of retail, trading, and importing business in Saudi Arabia. The company showed eight consecutive wins after its debuting on Tadawul but turned red yesterday, closing at SR72.25.

Only Saudi Arabia Fertilizers Co. (SAFCO) witnessed a positive change among heavyweights, gaining 0.14 percent to SR167.

Market volume went up by 2.5 percent and traded 336 million shares as compared to previous day’s 327.8 million shares. The volume was 44 percent greater than 50-day average of 233.2 million shares.

Arab News