Tadawul index declines 1.29%

Despite positive close on Monday, Saudi Arabia's benchmark stock index plunged yesterday, ebbing down its year-to-date gains (+24 percent) to less than one percent. The Tadawul Index started a sideways walk along the break even line earlier yesterday, abruptly changed its direction toward south after mid of the session and finally closed in the red territory at 6,462.46 points, down 84.73 points or 1.29 percent over the previous close. The TASI went nearly 110 points lower before the closing bell. All market cap indices closed in the downward district, declining more than one percent for the day. All sector indices at Saudi stock market closed in red, paring an aggregate of 862 points. The top decliner was Transport, tumbled 102.7 points or 2.28 percent; Real Estate, Telecom and Insurance sectors followed it, going down more than two percent. Retail sector suffered least losses comparatively, down 0.16 percent to close at 7,148.77 points. Top ten heavyweights also closed lower from previous day's level, where Al-Rajhi Bank dipping by 3.06 percent and Etihad Etisalat Co. (Mobily) 2.78 percent. However, Riyad Bank ended without any change. The market breadth was largely negative as the total number of falling stocks exceeded to the total number of rising stocks by a margin of 132 to 15 and the prices of 8 companies remained unchanged. Al Sorayai Trading & Industrial Group and Al Sagr Company for Cooperative Insurance were best performing companies of the day, advancing 6.1 percent and 5.1 percent respectively. On the negative side, decliner's chart was filled by Insurance companies, with Gulf General Insurance and Wataniya Insurance, slipping 5.7 percent for the day. From : Arabnews