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Business & Economy

Insurance sector suffers 1.2% loss

Saudi Stocks showed narrow fluctuations yesterday, as the Tadawul index with a positive change of 6.84 points remained almost flat.
The Tadawul All-Share Index (TASI) dived in the south earlier yesterday, reflecting the double bottom or a W-shape movement crossed the breakeven line to close in the green at 6,769.96 points, which was roughly where it started the day.
The trading range narrowed to 21.4 points as compared to 39 points of previous day.
Only Small cap among the market cap indices moved downward slightly.
Most of the major sectors closed in the green territory, accumulating an aggregate of nearly 350 points.
Hotel & Tourism sector remained at top position for the second straight day, advancing 1.79 percent further. Real Estate Development and Transport sectors followed it, moving higher by 1.3 percent for the day.
On the negative side, six sectors showed a negative change, trimming 77.2 points collectively. Insurance sector posted the largest losses, falling 1.2 percent to 1,470.13.
SABB and Saudi Arabia Fertilizers Co. (SAFCO) came out as significant players among heavyweights, offsetting their performance by 1.4 percent positive-negative change.
Advancing stocks outnumbered decliners by a margin of 72 to 58 and the prices of 25 companies remained unchanged.
Share price of Saudi Real Estate Company rallied to a maximum growth of 10 percent, clinching the spot as top gainer amongst Saudi stocks.

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