Tadawul keeps downward momentum

The Saudi stock market continued its negative movement, marking another decline of 0.45 percent yesterday.
Saudi Arabia’s benchmark stock index after spending entire session in the downward territory ended lower to 6,956.53 points, down 31.54 points, from its previous day close at 6,988.07 points. It went to a maximum of 45 points down from the level of opening bell yesterday.
The market cap indices all fell further, with Micro Cap going down by 0.63 percent.
Only four out of Tadawul’s 15 sectors witnessed a positive change, accumulating nearly 127 points.
Media and Publishing sector continued its upward march for the fourth consecutive day, gaining 0.9 percent further to 2,919.87.
On the negative side, 11 sectors closed in the downward district, paring an aggregate of 309 points.
Insurance came out as the worst performing sector, declining over one percent to 1,217.31. The Real Estate sector followed it, falling 0.96 percent for the day.
Most of heavy weights closed lower from previous day’s levels, with SABB decreasing by 1.22 percent, Samba Financial Group 1.13 percent and Al-Rajhi Bank 1.1 percent.
On the positive side, Kingdom holding outdid rest of its heavyweight peers, rising exactly one percent to close at SR20.2.
The market breadth confirmed a bearish momentum, as out of 155 stocks traded yesterday only 32 were able to close higher.
Saudi Indian Company for Co-operative Insurance (WAFA Insurance) stepped up to occupy the top position at Tadawul, surging 5.79 percent further to SR73.
Al Sagr Co-operative Insurance, on the contrary, switched its position from the top gainer of previous day to the biggest loser of the day, down SR 1.6 or 4.64 percent.