Saudi stock market keeps downward march

The Saudi stock market continued its downward momentum and fell for a third consecutive session yesterday. The Tadawul All-Share Index (TASI), which continued stepping downward throughout the day, ended in the red territory at 7,145.6 points, down more than 50 points or 0.7 percent from its previous level. It went to a maximum of 64 points down just before ending the session. Still its year-to-date gains remained over five percent. Only micro cap indices showed a positive change, moving upward exactly one percent. Five out of Tadawul’s 15 sectors ended positively, reflecting an accumulation of 321 points. Media and Publishing sector continued to play well for the thirteenth consecutive session, surging more than 208 points or 5.03 percent to close the day at 4,356.16. An appreciation of nearly 55 percent in the value of this sector’s index has been recorded in thirteenth consecutive trading days. On the other hand, ten sectors closed lower from previous day’s level, shedding 622.2 points for the day. The Hotel and Tourism sector posted the largest losses, falling nearly 214 points or 1.8 percent to close at 11,726.89. Market breadth with advance-decline ratio of 0.5:1 remained negative. Tihama Advertising & Public Relations Co. continued to dominate the top gainers chart at Tadawul, marching higher by 9.92 percent and closing at SR 227.25. Wataniya Insurance and Allied Cooperative Insurance were other key advancers which gained 9.9 percent for the day. On the contrary, Saudi Industrial Export Co. suffered worst of all equities for the second straight day, showing a further reduction of SR 8.5 or 9.83 percent. Most of heavyweights finished to the downside, with Riyad Bank dipping by 1.71 percent, SABB 1.68 percent and Samba Financial Group 1.54 percent. Most active stocks also showed a negative change, with Dar Al-Arkan Real Estate going down by 1.76 percent and Emaar the Economic City 1.52 percent. Sourse: ArabNews