Last week was largely negative for the Saudi equities as the Tadawul All-Share Index (TASI) trimmed back the 7,000-mark during the week to close lower at 6,878.72 points, down 178.29 points or 2.53 percent from its previous weekend close at 7,057.01 points. Its weekly trading range expanded to 193.7 points as compared to previous week’s 145.7 points. On year-to-date basis, the TASI’s yield reached to 461 points or 7.18 percent.
The market capitalization of Saudi stock exchange reached to SR 1.38 trillion, decreasing by 2.55 percent from the previous week’s value. All market cap indices closed the week lower, with Micro cap performed worst (-3.65 percent).
All sector indices at Tadawul (market) closed in red, dropping an aggregate of 1,898.03 points. Real Estate Development, Multi-Investment and Building & Construction sectors were major decliners, shedding 4.67 percent, 4.53 percent and 3.80 percent respectively.
However, Insurance sector suffered least losses comparatively, down 0.32 percent to close at 1482.01 points.
Market breadth was negative, as out of 154 stocks traded last week only 19 were able to close higher.
After a gap of one week, Amanah Cooperative Insurance regained its topping position amongst all Saudi equities, surging by 35.82 percent to close the week at SR 273. Allianz Saudi Fransi, on the contrary, posted the largest losses for the second consecutive week, falling 34.02 percent further.
Among heavyweight stocks, the Kingdom Holding and Samba Financial Group continued to show the worst performance for the second straight week, declining 6.67 percent and 3.45 percent respectively.
Tadawul weekly turnover decreased further by 24 percent on volume basis, 28.6 percent on value basis and 23.6 percent in terms of executed transactions. Furthermore, upside-downside volume ratio of 0.1:1 remained largely negative.
Most of the major benchmark indices at GCC stock markets ended the week in red.
The benchmark GulfBase GCC General Index closed the week lower at 3,929.96 points level, trimming 37.5 points or 0.94 percent for the entire week.
Market cap falls to SR 1.38 trillion
