6-day surge ends at Saudi stock

The Saudi stock market was in the red yesterday, reversing after a 6-day surge and dropping more than 29 points for the day. The Tadawul All-Share Index (TASI) dived in the south earlier yesterday and spending entire session in the downward territory ended lower to 7,333.83 points, down 0.4 percent over the previous day close. It plunged to a maximum 64 points from the level of opening bell yesterday. For the day, only Small Cap indices ended positively. Four out of Tadawul's 15 sectors witnessed a positive change, accumulating 67.25 points for the day. Media and Publishing came out as the best performing sector, advancing by 0.74 percent to 2,943.62. On the negative side, ten sectors finished to the downside, paring an aggregate of 338 points. Real Estate Development sector was a significant decliner, shedding 0.84 percent for the day. Most of heavy weights closed in red, with Riyad Bank dipping by 1.25 percent, Kingdom Holding 1.13 percent and Etihad Etisalat Co. (Mobily) 0.94 percent. However, SABB and Saudi Telecom Co. were able to manage for a gain, moving up by 0.8 percent and 0.7 percent respectively. The total number of falling stocks exceeded to the total number of rising stocks by a margin of 98 to 45 and the prices of 13 companies remained unchanged. Saudi Indian Company for Cooperative Insurance (WAFA Insurance) stepped up to occupy the top position at Tadawul, surging by 8.73 percent to close the day at SR 165. Share trading activity remained roughly five percent lower than that of Wednesday. More than 232.9 million shares worth SR 5.3 billion changed hands on the Saudi stock market. Saudi Mobile Telecom-munications (Zain) remained key gainer among most active stocks, advancing 1.7 percent and capturing over twenty percent of the overall market volume. Source: ArabNews