Media and publishing stocks prolong slide

Saudi Arabia’s benchmark stock index retreated to 7,124.4 points yesterday, which was roughly where it started the session.
The index set out with 29 points fall earlier yesterday but subsequent trading sent it higher to cross the break-even line, adding less than a single point for the entire day.
The market cap indices closed the day in mixed territories.
Six out of Tadawul’s 15 sectors ended positively, reflecting an accumulation of 299 points.
Retail showing notable gains of 113.6 points or 1.3 percent became the top performer among sectoral indices, closing at 8,821.63. Agriculture & Food Industries sector was another significant gainer, advancing more than one percent.
On the other hand, nine sectors closed lower from previous day’s level, shedding 305 points for the day.
Media and Publishing sector continued its downward spiral and fell for a sixth session yesterday, tumbling nearly five percent and closing at 3,121.31. Tihama Advertising & Public Relations Co. showing a maximum decline of 10 percent became the major loser at Tadawul.
Most of heavyweights finished to the upside, with Saudi Telecom outdid rest of its peers, advancing 1.03 percent to SR 39.1.
The market breadth was almost balanced with 67 issues witnessing advances against 68 issues recording declines.
Ash-Sharqiyah Development Company stepped up to occupy the top position at Tadawul, surging 5.56 percent further to SR 66.5.
Tadawul volume went up by 12 percent and traded 231.4 million shares as compared to previous day’s 206.5 million shares. Upside-downside volume ratio of 2.2:1 also remained positive.
Dar Alarkan Real Estate and Saudi Mobile Telecommu-nications Co. (ZAIN) showed the best performance among most active stocks, advancing 1.8 percent and capturing over 22 percent market volume jointly.