Tadawul dips but volume improves

The Tadawul All-Share Index (TASI) reflecting a large downward curve yesterday dropped 70.38 points or 1 percent to close in the red territory at 6,960.65 points. The index slipped into red territory earlier yesterday and plunged to a maximum of 129 points during the day. All market cap indices ended the day in the downward district. Sectoral performance was also negative, with 13 sectors paring an aggregate of 745 points for the day. In turn, Insurance and Agriculture sectors have been unharmed by the day's trading, showing a nominal collection of 12.7 points jointly. Real Estate Development came out as the biggest loser of the day, down 2.08 percent or 75.7 points to close at 3,570.15. Transport sector followed it, declining 1.85 percent for the day. Banking sector also lost 143.3 points or 0.92 percent from its previous level. Most of heavy weights closed in red, with Kingdom Holding dipping by 2.34 percent, Samba Financial Group 1.97 percent, SABB 1.92 percent and market leader SABIC (Saudi Basic Industries Corp.) 1.64 percent. Only Saudi Telecom Co. remained green among large cap issues, advancing by 0.25 percent to close the day at SR 40. The market breadth was in favor of bears as out of 154 stocks only 27 were able to close higher. Insurance stocks continued to dominate the market performance, filling the top gainer and loser charts consecutively. Amana Cooperative Insurance continued to show a tremendous performance for the third straight day, marching higher by 9.53 percent further. Tadawul volume with trades over 224.6 million shares remained 48.2 percent greater than previous level but still it was ten percent lower than 50-day average. From : Arabnews