JEDDAH: The Saudi stock market sustained its downward fall yesterday, closing the day with mild losses. The Tadawul All-Share Index (TASI) closed lower to 6,807.3, shedding 0.82 percent or 55.99 points for the entire day. The index went more than 108 points down to touch the intra-day low at 6755.25 during mid of the session.
The market cap indices also ended in red for the second straight day. Most of the sector indices ended negatively, with eleven sectors paring an aggregate of 568 points for the day. Insurance sector tumbled more than two percent to end at 1,440.53. Banks and Financial Services sector followed it, trimming 233.5 points or 1.54 percent. However, Transport changed its status from worst performing sector of previous couple of days to the best performing sector of the day, up 2.27 percent to close the day at 4,549.99.
Six out of top 10 heavy weights closed in red, with Al-Rajhi Bank dipping by 2.81 percent, Samba Financial Group 1.35 percent and the bellwether SABIC (Saudi Basic Industries Corp.) 0.83 percent.
Only three heavyweights including Kingdom Holding, the best performer (up 0.68 percent), turned green.
The market breadth confirmed a bearish momentum, as out of 154 stocks traded yesterday only 31 were able to close green.
The National Shipping Co. outperformed among all Saudi equities, reflecting an increment of SR 0.85 or 4.87 percent to close the day at SR 18.25.
Amana Cooperative Insurance, on the other hand, shifted its position from top gainer chart of previous day to decliner chart of the day, posting the largest losses of 9.98 percent to close at SR 221.
Insurance sector tumbles over 2%
