The BMG Saudi Index saw another drop in yesterday’s trading session, with a loss of 6.6 percent from its previous close, to end at 565.72 points. The market turnover, on the other hand, climbed by almost 25 percent, to reach SR8.2 billion ($2.2 billion) — a turnover level not experienced since mid-May 2007 and underlines our forecast that profit-taking at the moment looks set to continue, triggered, in part, by the fall in markets globally.
Most of the sectors of the BMG Saudi Index lost ground.
The Agricultural sector was the only positive mover, advancing by 1.7 percent. The remaining three sectors went down, with the Industrial sector recording the biggest decline of 7.2 percent, followed by the Services and the Insurance sectors, whose closing levels fell by 2.8 percent and 0.5 percent, respectively. Most of the BMG Saudi Index’s shares continued their downward slope.
Al-Baha Investment & Development Co., which was the last session’s worst performer, reversed its performance to be the best performer in yesterday’s session, with a 9.3 percent rise to SR29.5 per share.
The worst performer was National Agricultural Marketing Co. (Thimar), whose share price went down by 8.5 percent to SR48.50. SABIC’s share price continued its negative trend, with its shares losing SR15.75, an 8 percent decline, to reach SR181.25 per share, and moving the BMG Saudi Index beneath the 600 points level.