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Business & Economy

Multi-investment sector tumbles 3.5%

The Saudi stock market was in the red yesterday, extending losses for the second consecutive session and dropping 0.45 percent further.
Saudi Arabia’s benchmark stock index after spending entire day in the downward territory ended lower to 7,125.73 points, down 31.9 points, from its previous day close at 7,157.64 points.
It went to a maximum of 57.34 points down from the level of opening bell yesterday.
TASI’s year-to-date gains again reached below five percent.
Only micro cap indices moved upward slightly.
Six out of Tadawul’s 15 sectors witnessed a positive change, accumulating less than 70 points jointly. Remaining 9 sectors closed in the downward territory, trimming an aggregate of 447 points.
Multi-investment and Transport sectors continued to perform worst for the second straight day, slipping 3.5 percent and 1.7 percent respectively.
Most of heavy weights closed lower from previous day’s levels, with Kingdom holding dipping by 8.2 percent, Al-Rajhi Bank 1.13 percent and the bellwether SABIC (Saudi Basic Industries Corp.) 1.04 percent.
Only Saudi Arabia Fertilizers Co. (SAFCO) turned green, moving up slightly 0.15 percent to close at SR158.75.
The total number of falling stocks exceeded to the total number of rising stocks by a margin of 74 to 56 and the prices of 27 companies remained unchanged.
Saudi Land Transport Co. (MUBARRAD) turned in a splendid performance among all Saudi stocks, soaring up nearly six percent to close the day at SR 75.25.
Al-Rajhi Co. for Cooperative Insurance and Wafa Insurance followed it, advancing more than five percent.
Share trading activity remained low yesterday as compared to previous day; turnover went down by 24.8 percent in terms of volume and 13.3 percent in terms of value.
Allied Cooperative Insurance Group remained significant decliner among most active stocks, going down by 2.7 percent and closing at SR 46.9.

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