Media and publishing stocks down 6.16%

Saudi stocks took another dip yesterday, as the Tadawul All-Share Index (TASI) fell further 48.61 points or 0.68 percent to close at 7,096.99. The index slipped (-63 points) into red territory earlier yesterday and plunged to a maximum of 86.7 points during the day.
TASI’s year-to-date gains reached to 295.8 points or 4.35 percent. All market cap indices ended the day in the downward district.
Sectoral performance was also negative, with 12 sectors paring an aggregate of 867 points. In turn, Building, Agriculture and Cement sectors have been unharmed by the day’s trading, showing a nominal collection of 28.3 points jointly.
Media and Publishing— the key performing sector of previous couple of weeks — became the biggest decliner of the day, down 268 points or 6.16 percent to close at 4,087.92. Energy & Utilities was another significant decliner, falling 5.31 percent for the day.
Decliners outnumbered the advancers by a margin of 100 to 41 and the prices of 15 companies remained unchanged.
Arabian Cement Co. (+5.38 percent) and United Electronics Co. (+4.61 percent) showing notable gains became the top performers among all Saudi companies.
On the other side of the spectrum, Saudi Industrial Export suffered the greatest amount of damages for the third consecutive day, turning down 9.94 percent further. Tihama Advertising & Public Relations Co. also turned red yesterday, reversing after a 13-day surge and dropping 9.91 percent for the day.
Most of heavyweights closed in the downward territory, with Saudi Electricity Co. dipping by 5.76 percent, Al Rajhi Bank 1.15 percent, Kingdom holding 1.12 percent and bellwether SABIC (Saudi Basic Industries Corp.) 1.07 percent.
Tadawul turnover went slightly down by 10 percent and traded 235 million shares as compared to previous day’s 261 million shares.