The Saudi stock market continued its downward momentum and fell for a third consecutive session Tuesday.

Saudi Arabia’s benchmark stock index (TASI) tumbling more than one percent and trimming back the 8,000-mark finished at 7,972.59 points. It slipped into red territory earlier yesterday and plunged to a maximum of 108 points during the day.

The TASI reduced its year-to-date gains to 1,171.4 points or 17.22 percent.

All Market cap indices witnessed a negative change, with Large Cap going down 1.33 percent. Market leader SABIC (Saudi Basic Industries Corp.), Al-Rajhi Bank and Samba Financial Group performed worst among large caps, dipping by 2.23 percent, 2.03 percent and 1.68 percent respectively.

Sectoral indices also ended in the downward territory, paring an aggregate of 1,154.3 points. Retail sector posted the largest losses, shedding 370.2 points or 3.2 percent to close at 11,204.90. Agriculture and Food Industries followed it, declining 2.48 percent.

Banking sector also lost nearly 235 points to close at 17,114.04.

The market breadth confirmed a bearish momentum, as out of 157 stocks traded yesterday only 37 were able to close higher.

Arriyadh Development Co. showed the best performance among all Saudi stocks, moving up three and half percent to SR 26.7.

Herfy Food Services Co, on the other hand, suffered worst of all equities, showing a reduction of SR 10 or 8.20 percent to SR 112.

Tadawul volume went slightly down by 13.2 percent and traded 163 million shares as compared to previous day’s 187.7 million shares.

The value of these shares totaled SR 4.7 billion, an increase of 2.25 percent from previous level.

Dar Al-Arkan Real Estate topped the volume chart, liquidating 21.9 million shares and contributing 13.4 percent to the overall market volume. But the company finished its trading without any price change.