Weakness in the Saudi stock market continued to intensify last week.

The benchmark Tadawul All-Share Index reflecting a 4-day fall during the week, closed at 9,518.38 points last week, trimming 150 points or 1.55 percent for the entire week.

The index plunged to a maximum of 2.5 percent below the break-even line during the week.

Still its YTD return of 14.22 percent is the highest among other GCC benchamrk indices.

Micro cap index with 3.13 percent decline contributed to the weak closing of the market.

The market capitalization of Saudi stock exchange reached to SR2.09 trillion, decreasing by 1.57 percent from the previous week's value.

Energy & Utilities sector continued its downward fall, showing a further reduction of 6.2 percent to close the week at 6,466.48.

Insurance, construction and real estate sectors followed it, declining by 3.5 percent, 2.3 percent and 2.1 percent respectively.

Top 10 heavyweights closed the week in red, where Saudi Electricity Co. dipping by 6.63 percent, Samba Financial Group 3.1 percent and Maaden 2.99 percent.

However, Almarai Company finished to the upside, gaining 0.71 percent for the week.

Weekly market breadth was unfavorable, with 20 stocks witnessing advances and 145 others marking a decline. Furthermore, upside-downside volume ratio was 0.19:1.

Al-Rajhi Takaful outdid rest of the Saudi stocks, soaring up 10.27 percent in a week and closing at SR34.58.

Share price of the company climbed to a fresh two year high of SR35.7 during the week.

Al-Ahlia Insurance Co., on the other hand, recorded the biggest losses, going down 10 percent. Share price of Al-Ahlia has declined roughly 32 percent in one year.

Again Alinma Bank with trades over 112 million shares worth SR2.7 billion led the activity charts at Tadawul.

The bank achieved a relative market share of 15.68 percent in terms of volume and 11.91 percent in terms of liquidity.

Market volume went further down by 17 percent and traded 718 million shares as compared to previous week's 864 million shares.

Approximately, SR22.5 billion pumped into the market, a decrease of 23.7 percent from previous week’s value.

The volume of Energy & Utilities sector was up more than fifty percent. While, telecom & IT sector volume was sixty percent down from previous week’s 45 million shares.

Insurance sector was accounted for more than twenty percent of the total market turnover.

Most of the major benchmark indices at GCC stock markets ended the week in red, with Qatar Stock Exchange fell 1.76 percent. OOREDOO and Commercial Bank of Qatar fell to a new 52-week low. DFM and MSM witnessed a positive change among GCC stock markets, advancing 1.01 percent and 0.31 percent respectively.

Newly listed Mezzan Holding dominates the trading at Kuwait stock exchange, shares of Mezzan ended limit up 980 fils as against the placement price of 760 fils, an increase of 29 percent.

Mezzan is a diversified consumer goods business with operations spanning food manufacturing and distribution, FMCG, pharmaceuticals, catering services, carton and plastic manufacturing.

The company has about 358 brands, with operations in 7 countries across the GCC, Afghanistan and Iraq.

Nearly 160 GCC stocks advanced and 295 declined last week. Amlak Finance, which resumed trading after a six-and-a-half-year suspension, turned in a splendid performance in GCC region, posting 56.7 percent gain last week.

— Mushtaq Ahmed is senior financial analysts at Zughaibi & Kabbani Financial Consultants.