Tadawul dips but volume improves

The Saudi stock market was in the red yesterday, reversing after a 3-day surge and dropping 0.9 percent for the day. Saudi Arabia’s benchmark stock index after spending entire session in the downward territory ended lower to 7,113.74 points, down 64.36 points, from its previous trading day close at 7,178.1 points. The index went nearly 86 points down before the closing bell. Its year-to-date yield reached to 4.60 percent. The market cap indices all finished to the downside. Sectoral performance was negative, with 13 sectors paring an aggregate of 711 points. Multi-Investment came out as the biggest decliner, shedding 2.84 percent or 102.4 points to close the day at 3,500.93. Real Estate Development sector followed it, declining 2.45 percent and closing at 3,802.92. Only Media and Tourism sectors remained unharmed yesterday, advancing 2.87 percent and 0.97 percent respectively. Most of heavy weights closed in red, with Kingdom Holding dipping by 3.96 percent, Etihad Etisalat Co. (Mobily) 1.53 percent and Saudi Electricity Co. 1.06 percent. Most active stocks also showed a negative change, with Emaar the Economic City going down by 4.0 percent, National Medical Care 1.88 percent and Dar Alarkan Real Estate 1.21 percent. However, Sanad Insurance continued its positive movement amongst active stocks, advancing 3.51 percent further. The market breadth was in favor of bears as out of 156 stocks only 24 were able to close higher. Tihama Advertising & Public Relations Co. continued its upward march for the sixth consecutive day, surging 9.84 percent to close at SR117.25. Tourism Enterprise Co. was another significant advancer, rising by 9.73 percent. Allied Cooperative Insurance Group, on the contrary, continued its downward fall, reducing further by SR 4.5 or 9.98 percent to SR40.6. Market activity was high, specifically SR 6.3 billion were poured into the market. Trading volume was impressive, with about 224 million shares changed hands in the market, a significant 13.7 percent growth over the previous level. The 50-day average for trading volume is closer to 204.8 million shares. Source: Arab News