Tadawul keeps downward momentum

The Saudi stock market sustained its downward fall yesterday, closing the day with mild losses. The Tadawul All-Share Index (TASI) closed lower to 7,072.6, shedding 0.33 percent or 23.17 points for the entire day. The trading range expanded to 51 points as compared to 41 points of previous day. Multi-Investment sector continued its upward march for the second consecutive day, reflecting an increment of 157.8 points or 4.66 percent to close the day at 3,545.07. On the other hand, 12 out of the 15 sectors closed in downward territory, paring an aggregate of 293 points for the day. Real Estate Development sector was the significant decliners, going down by 0.99 percent. The market breadth was in the favor of bears as out of 154 stocks only 37 were able to close higher. The Kingdom Holding continued to show a splendid performance among heavyweight stock, soaring up 8.63 percent. The company has also been able to occupy the place at top gainer chart for the second consecutive day, closing at SR15.10, ranked fifth. However, SABB and Etihad Etisalat Co. (Mobily) were major losers, declining more than one percent for the day. Insurance companies continued to win the daily race among all Saudi stocks. Allied Cooperative Insurance Group - ACIG and Amanah Cooperative Insurance outperformed for the second straight day, advancing by 9.95 percent and 9.90 percent respectively. On the other side of the spectrum, ACE Arabia Insurance became the biggest loser of the day, down 10 percent to close at SR 162. Arabnews