Saudi stocks end six-day rally

The Saudi stock market was in the red yesterday, reversing after a six-day surge and dropping a few points merely.
The Tadawul All-Share Index (TASI) stepped down 9.14 points or 0.13 percent to close at 7,140.83 points yesterday. While curving in the downward territory throughout the day it dipped to a maximum loss of 34 points.
Market cap indices closed the day in mixed territories.
Most of the sector indices ended negatively, paring an aggregate of 192 points. Only four sectors including Real Estate Development, the best performer (up 0.5 percent), moved higher from previous day’s level.
Telecom and Tourism sectors showed the worst performance, declining 0.9 percent and 0.52 percent respectively.
Saudi Telecom came out as key gainer among heavyweight equities, increasing by 1.3 percent to SR 39.1. On the contrary, Etihad Etisalat Co. (Mobily) suffered worst of all large caps, declining 2.15 percent for the day.
The total number of falling stocks exceeded to the total number of rising stocks by a margin of 71 to 58 and the prices of 27 companies remained unchanged.
Buruj Cooperative Insurance and National Gypsum Company played well among all Saudi companies, surging 5.02 percent and 4.64 percent respectively.
On the other negative side, United Electronics Company (Extra) led the top decliners chart at Tadawul, going down more than three percent and closing at SR 103.5.
Share trading activity remained low as compared to previous day; turnover went down by 11.4 percent in terms of liquidity and 6 percent on volume basis. More than 214.7 million shares worth SR 5.4 billion exchanged hands on the Saudi Stock Market.
The top five most active stocks witnessed a positive change, with Knowledge Economic City advancing by 3.62 percent, Saudi Mobile Telecommunications (Zain) 2.19 percent and Emaar the Economic City 2.11 percent.
Most of the trading was concentrated in Dar Al-Arkan Real Estate, which liquidated about 25.4 million shares, a relative market share of 11.8 percent.