Tadawul slips into red territory

The Tadawul All-Share Index (TASI) fell down to 6,863.29 points yesterday, showing a reduction of 24.68 points or 0.36 percent for the entire day. The index slipped into red territory earlier yesterday and plunged to a maximum of 70 points during the day. All market cap indices ended the day in the downward district. Only five out of Tadawul’s 15 sectors witnessed a positive change. Remaining twofold sectors closed in the downward territory, paring an aggregate of 426 points. Transport sector continued its descending travel for the second straight day, going down 1.51 percent further. Real Estate and Multi-Investment followed it, declining more than one percent for the day. On the positive side, Telecom sector remained key gainer for the second consecutive day, advancing 1.23 percent to close at 2,080.54. The heavyweight Saudi Telecom Co. continued its upward march, surging 4.87 percent further. The company has also been able to occupy the place at top gainer chart, closing at SR 43, and ranking fourth. The market breadth was in favor of bears, as out of 153 stocks only 32 were able to close higher. Amana Cooperative Insurance switched its position from worst performer of the previous day to the biggest gainer of the day, up 9.96 percent to close the day at SR 245.50. Investors seemed reluctant to make any significant moves, as Tadawul volume remained nearly unchanged from previous day’s level. More than 171 million shares exchanged hands on the Saudi Stock Market. The 50-day average for trading volume is closer to 235.2 million shares. From arabnews