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Business & Economy

Tadawul dips below 7,000

It turned out to be largely negative for investors yesterday, as Saudi Arabia's benchmark stock index recorded a decline of roughly one percent, which is the biggest decrease of 2013. The Tadawul All-Share Index (TASI) trimmed back the 7,000-mark during the day to close lower at 6,984.8 points, down 69.56 points or 0.99 percent from its previous day close at 7,054.36 points.
The market cap indices all finished to the downside.
Saudi sector indices ended the day in the downward district, except Insurance, which gained 9.24 points or 0.71 percent for the day. Remaining 14 sectors lost an aggregate of 696 points for the day.
Telecommunication & Information Technology sector was major decliner, shedding 2.5 percent to 2,195.33. Saudi Integrated Telecommunication Co. and heavyweight Saudi Telecom delivered a largely negative performance, slipping 9.85 percent and 7.73 percent respectively.
Real Estate Development and Transport sectors followed Telecom, falling more than one percent for the day.
Decliners outnumbered the advancers by a margin of 103 to 33 and the prices of 20 companies remained unchanged.
Amana Cooperative Insurance continued its upward march for the third straight day, surging 9.91 percent further. Amana has also been able to top the value chart, contributing SR 661.5 million, which is approximately 11 percent of the overall market value. The company with trades over 7.9 million shares positioned itself among the most active stocks, closing the day at SR 91.5 and ranking fourth.

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