Saudi bourse index moves downward

After a couple of days of trading in the green, the Saudi stock market took a reversal yesterday, dropping more than 25 points. The Tadawul All-Share Index (TASI) ended yesterday’s trading in the red at 7,195.17 points, down 0.35 percent, from its previous day close at 7,220.42 points. It went nearly 6 points above and 35.8 points below the break-even line during the day. The Market cap indices all finished to the downside. Most of the sector indices ended negatively, paring an aggregate of 385 points. The Retail switched its position from top performer of previous day to the worst performing sector of the day, declining by 111.5 points or 1.26 percent. Insurance was another significant declining sector, going down by 1.14 percent to 1,309.73. Only four sectors including Transport moved upward slightly, showing a nominal collection of 23 points for the day. Most of heavy weights closed in red, showing small declines from previous level. Market breadth with advance-decline ratio of 0.23:1 remained extremely weak. Al-Alamiya Cooperative Insurance and Saudi Industrial Investment Group played well among all Saudi companies, surging by 2.44 percent and 2.33 percent respectively. On the other hand, Saudi Vitrified Clay Pipes Company, Arabian shield Cooperative Insurance and Arabia Insurance cooperative showed the worst performance, slipping 5.73 percent, 5.56 percent and 5.01 percent respectively. A good amount of liquidity SR 4.4 billion was flowed into the market, an increase of 4.5 percent from the previous level but still it was 13.9 percent lower than 50-day average. SABIC (Saudi Basic Industries Corp.) with a turnover SR 406.6 million topped the value chart, a relative market share of 9.2 percent. Source: ArabNews