Energy & utilities stocks suffer 3.23 percent losses

Energy & utilities stocks suffer 3.23 percent losses
Updated 20 May 2015

Energy & utilities stocks suffer 3.23 percent losses

Energy & utilities stocks suffer 3.23 percent losses

JEDDAH: Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) dropped 79.82 points or 0.81 percent to 9,731.3 points on Wednesday.
It traded within a range of 95 points; opening level was highest of the day.
All sector indices closed in negative territory except agriculture and food sector.
Energy & Utilities sector reduced its value by 3.23 percent (242.34 points) and closed at 7,253.76 points, followed by Industrial Investment and Hotels & Tourism sectors, which declined by 2.07 and 1.64 percent respectively.
Most of heavyweights slipped from previous day’s level, with Saudi Electricity Co. dipping by 3.23 percent and market leader SABIC (Saudi Basic Industries Corp.) 2.02 percent. National Commercial Bank share price increased slightly to SR69.31 (+0.17 percent)
Market breadth was negative where 165 symbols traded at market, 31 stocks were up while 121 were down.
Newly listed SACO lead the gainers list, its price appreciated by 5.08 percent and closed at SR129.25. Alriyadh Development’s value of shares increased by 3.13 percent.
On the other hand, SABB Takaful showed the worst performance, declining 3.9 percent for the day followed by Saudi Chemicals and Bawan Co., which declined by 3.7 percent and 3.65 percent respectively.
Most of the trading was concentrated in Dar Al-Arkan and Alinma Bank with 24 million and 22.17 million shares, together capturing 19 percent of Tadawul volume. SACO topped the value chart, pumping SR 964.5 million into the market.
Tadawul total volume set sold approximately 242 million shares, an increase of 4.1 percent as compared to previous level. The value of these shares reached to SR 8.8 billion.
The 50-day average for trading turnover is closer to 327 million shares worth SR8.8 billion.