Petchem stocks plunge 2.44%

Petchem stocks plunge 2.44%
Updated 11 May 2015

Petchem stocks plunge 2.44%

Petchem stocks plunge 2.44%

The Saudi stock market saw a significant setback on Monday, passing through a lean session of 1.31 percent.
The benchmark Tadawul Index wavering along the break-even line abruptly fell to 9,583.24, down 127.3 points for the entire session.
Micro cap stocks suffered huge losses, the GulfBase said in its market commentary.
Only Multi-Investment witnessed a positive change among sectoral indices, gaining 1.1 percent to 4,397.65.
Remaining 14 sectors pared an aggregate of 1,407 points.
Petrochemical Industries recorded the biggest losses, going down by 2.44 percent.
Media and Real Estate sectors followed it, declining 2.35 percent and 1.77 percent respectively. Real Estate is still trading above the 8,000 points level.
Market breadth with advance-decline ratio of 0.09:1 remained extremely weak.
Wafa Insurance suffered worst of all Saudi companies, slipping 7.06 percent for the day to SR18.96.
Petrochemical giant Saudi Basic Industries Corp. performed worst amongst big players, closing down by 3.25 percent.
But it continued to pump more liquidity into the market, contributing SR655 million and closing at SR101.65.
It was eighth consecutive decline of National Petrochemical Co. on Monday, down 3.02 percent. Solidarity Saudi Takaful shares dipped to a fresh 3-year low of SR 15.15, reduced by 3.64 percent.
On the other positive side, the heavyweight Kingdom Holding turned in a splendid performance, soaring up 6.35 percent for the day.
The company volume went 3.8 times high over its 50-day average. Trading activity was led by Dar Al-Arkan Real Estate, which liquidated 39.4 million shares, a relative market share of 14 percent.
Market activity was 10-to-12 percent high when compared with previous level. Roughly 282 million shares worth SR7.5 billion changed hands on the Saudi stock market.
The 50-day average for trading volume is closer to 339 million shares.