Tadawul slips in negative territory

The Tadawul All-Share Index (TASI) slipped in the negative territory earlier yesterday, traded below the break-even line throughout the session to close lower at 7,050.34 points, trimming 28.18 points or 0.40 percent further. The index went 62 points lower during the mid session. Its year-to-date yield reached to 9.86 percent. Only Micro cap among market cap indices ended positively yesterday. Four out of Tadawul's fifteen sectors ended the day in green territory, accumulating only 54 points collectively. Remaining eleven sectors lost an aggregate of 272.7 points for the day. One of the best performing sectors was Insurance, which rose to 0.83 percent for the day with Saudi Arabian Cooperative Insurance Co. (SAICO) jumped 9.95 percent. Even the top gainers chart was filled by insurance stocks, reflecting a daily growth ranged from 5.7 percent to 9.9 percent. Multi-Investment, Real Estate Development and Petrochemical Industries sectors were significant decliners, shedding over one percent for the day. The market breadth was in favor of bears as out of 154 stocks only 44 were able to close higher. Top ten heavy weights closed in red with Kingdom Holding continuing its descending travel for the third consecutive day, going down by 1.97 percent. The market leader SABIC (Saudi Basic Industries Corp.) also fell 1.66 percent to close at SR 89. However, Etihad Etisalat Co. (Mobily) traded in the upward territory, advancing 1.09 percent for the day. From : Arabnews