Insurance stocks decline sharply



JEDDAH: ARAB NEWS

Published — Wednesday 10 July 2013

Last update 10 July 2013 3:10 am

| نسخة PDF Print News | A A

Saudi Arabia’s benchmark stock index (TASI) yesterday rose 13.27 points to finish at 7,708.52 after trading between 7,691.31 and 7,723.46. The index traded within a range of 32.15 points, adding 0.17 percent for the entire day.
TASI’s year-to-date gains remained over nine hundred points or 13.34 percent.
Among market cap indices only Micro cap could not manage for gains.
Sectoral performance was mixed, with eight sectors accumulating an aggregate of 186.4 points and seven sectors trimming 68.5 points collectively.
Transport was major winner among sectoral indices, which marginally increased by 0.71 percent to close the day at 4,978.38.
On the contrary, Insurance suffered worst of all sectors, going down nearly half percent. Saudi Indian Company for Co-operative Insurance (WAFA Insurance) showing excessive losses of SR 10.75 or 9.91 percent became the major decliner at Tadawul.
Most of heavyweights extended gains, with Saudi Telecom outdid rest of its peers, advancing 1.23 percent to SR 41.
The market breadth was almost balanced with 67 issues witnessing advances against 66 issues recording declines.
Tabuk Agriculture Development Co. and Gulf Union Cooperative Insurance showed the best performance among all Saudi stocks, surging 5.3 percent and 3.9 percent respectively. GUCIC with trades over 5.7 million shares positioned itself among the most active stocks, closing the day at SR 31.8 and ranking fourth.
Share trading activity remained low yesterday, as Tadawul volume set sold approximately 137 million shares, a decrease of 17.9 percent as compared to previous level and 42.7 percent below the 50-day average of 239.4 million shares.
Liquidity also shrank to SR 3.9 billion, 32.6 percent lower than the 50-day average of SR 5.7 billion.

What's happening around Saudi Arabia

JEDDAH: Employees of the Education Office in Al-Daer governorate, Jazan, where seven people were gunned down on Thursday are in a state of shock and perplexed as to what prompted the attacker — a teacher — to take such an extreme step.The teacher, id...
JEDDAH: The campaign to support Syrian refugees with all their needs is being carried out effectively, as per the directives of Custodian of the Two Holy Mosques King Salman, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman....
RIYADH: The Ministry of Municipalities and Rural Affairs has ordered the allocation of separate sections for female members of municipal councils.This was announced by Jedaie Al-Qahtani of the ministry. “This is in implementation of Clause 107 of the...
DAMMAM: The 9th Saudi Student Conference which is being held on Feb. 13-14 is sponsored by Umm Al-Qura University and hosted by the University of Birmingham in the United Kingdom. It was organized by the Scientific Society for Saudi Students in the...
RIYADH: Over the past 10 years, begging in the Kingdom has increased substantially, with the number of organized gangs of expatriate beggars increasing to 85 percent of the total number of beggars, according to Social Affairs Ministry Majed Al-Qassab...
RIYADH: The Ministry of Health said it expects its blood donation drive will received 450,000 milliliters (ml) of blood when the Janadriyah festival ends on Feb. 19.Khalid Ibrahim Zobaie, who supervises the blood donation project, said the drive is i...
JEDDAH: The Shoura Council’s decision to reduce working hours in the private sector from 48 hours to 40 hours per week would result in additional operational costs in the sector due to 30 percent higher wages for expat workers, according to Mansour b...
MADINAH: Madinah Gov. Prince Faisal bin Salman recently visited a number of ongoing developmental project sites in the Holy City, as part of his efforts to ensure that they meet the set standards and deadlines.During the visit, he said that all the s...
RIYADH: The National Guard Ministry is studying the possibility of having two countries as guests of honor each year instead of one at the Janadriyah festival for culture and heritage, the Kingdom’s most prestigious annual festival.This was revealed...
DAMMAM: The Pakistan International School in Alkhobar hosted their 49th annual prize distribution ceremony to honor outstanding students in the presence of Pakistani Ambassador Manzoor Ul Haq and his wife, Nighat Manzoor.Haq appreciated the efforts o...
DAMMAM: The Weaam Association for Family Care in the Eastern Province has succeeded in addressing more than 700 cases of family disputes during the last one year.Abdulrahman Al-Khudair, Weaam’s director of public delations, said: “The association off...
JEDDAH: The Nakheel mall case has continued to grab the limelight, with a number of lawyers now offering their services to the girl who was roughed up by some Haia members in Riyadh. Some people also expressed, through social media, their support to...
RIYADH: Grand Mufti Sheikh Abdulaziz Al-Asheikh inaugurated this week a campaign tosafeguard Saudi society against bad influences.“The campaign seeks to immunize society in the Kingdom from deviant ideas as well as utter lies and heresies that could...
RIYADH: A Filipino nurse, from Lamitan Basilan in southern Philippines, has been missing since Feb. 6.According to a co-worker at the clinic where she works, the 43-year-old nurse, a mother of one, was last seen at 3 p.m. on Saturday.“She told us she...
JEDDAH: The Ministry of Haj will put in place new measures for issuing Umrah visas for pilgrims from outside the country with the coordination of the Saudi embassies abroad, a local newspaper reported.The new measures will be implemented soon, given...

Stay Connected

Facebook