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Business & Economy

Five-day surge ends at Tadawul

After five consecutive days of trading in the green, the Saudi stock market took a reversal yesterday, dropping a few points merely.
The Tadawul All-Share Index (TASI) started a sideways walk along the break even line earlier yesterday, abruptly changed its direction toward south just before the closing bell and finally closed in the red territory at 6,858.24 points, down 12.74 points or 0.19 percent over the previous close.
Surprisingly, its trading range (33 points) remained nearly unchanged from previous day.
Only Med cap indices moved upward slightly.
Four out of Tadawul's 15 sectors witnessed a positive change, accumulating roughly 105 points. Remaining eleven sectors closed in the downward territory, paring an aggregate of over 200 points. Insurance sector continued its downward fall for the third consecutive day, turning down 1.51 percent further.
Decliners outnumbered the advancers by a margin of 94 to 41 and the prices of 21 companies remained unchanged.
New player Dallah Healthcare Holding Company made the biggest jump among all Saudi equities, surging by 6.52 percent to close at SR 61.25.
The heavyweight Kingdom Holding Co. continued its upward march, advancing 1.12 percent further. Etihad Etisalat Co. (Mobily), on the other hand, turned red, going down 1.33 percent to close the day at SR 74.75.
Market activity was high, specifically SR 7.7 billion were poured into the market. Trading volume was impressive, with about 281.7 million shares changed hands in the market, a remarkable 38.3 percent growth when compared with Monday's trading.
Bank AlJazira appeared to be the most active stock for the day. Its volume set sold about 55.8 million shares, a relative market share of 19.8 percent.

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