Saudi stocks have been falling for the four weeks in a row on relatively low turnover. Bears were able to push the prices of Saudi companies down, continuing to prolong their grip.
The Tadawul All-Share Index (TASI) reflecting downward march throughout the week ended in the red territory at 6975.27 points, down 86.16 points or 1.22 percent, from its previous weekend close at 7061.43 points.
However, Monday’s trading aided Saudi stocks a respiration of 67.24 points last week.
Market cap indices ended the week in the negative zone.
All Saudi sectors performed negatively, except Cement and Energy, which remained green for the second consecutive week, advancing over 0.68 percent and 0.51 percent respectively.
Multi-Investment was the top decliner, which lost 119.53 points or 3.78 percent to close the week at 3039.71 points, followed by Real Estate sector, which declined by 2.67 percent.
Share trading activity remained low during the week, as Tadawul volume went down by 7.4 percent and traded 1.57 billion shares as compared to previous week’s 1.69 billion shares.
Total equity turnover stood at SR 29.2 billion compared to SR 33.1 billion in previous week, a decline of 11.8 percent. Furthermore, upside-downside volume ratio was 0.44:1.
Market capitalization of Saudi stock exchange reached at SR 1.37 trillion as compared to previous week’s SR 1.39 trillion, a decrease of 1.2 percent.
Tadawul’s weekly trading activity was dominated by Mobile Telecommunications Company (Zain), which liquidated more than 383.8 million shares worth SR 3.8 billion to close the week at SR 9.5.
Market breadth was negative, as only 38 Saudi companies were able to manage a gain for the week.
Surprisingly, Enaya Insurance with 8.03 percent positive change and Allied Cooperative Insurance with 17.8 percent negative change, continued to top the weekly gainer and loser charts for the second straight week.
All benchmark indices at GCC stock markets ended the week in red, except Muscat Securities Market, which remained green for the second consecutive week, achieving 0.81 percent weekly growth.
The benchmark GulfBase GCC General Index also lost 38.50 points or 0.98 percent for the entire week to close at 3892.8 points level.
Bears prolong their grip
