Real estate development stocks gain strength

The Tadawul All-Share Index (TASI) passed through a lean session yesterday, shedding more than 36 points.
The index dived in the south earlier yesterday and reflecting a large downward curve dropped nearly half percent to close in the red territory at 7,158.75 points.
It plunged to a maximum 72 points from the level of opening bell yesterday.
TASI’s year-to-date gains reached to 357.5 points or 5.26 percent.
All market cap indices ended the day in the downward district, with Micro cap performed worst (-3.3 percent).
All sectors indices closed in the red, except the Real Estate Development sector which showed a positive change of 0.55 percent and closed at 3,944.25 points.
Remaining 14 sectors lost an aggregate of 686.63 points for the day.
Insurance sector came out as the biggest decliner, tumbling nearly four and half percent to close the day at 1,250.97.
Hotel & Tourism was another major declining sector, trimming 243.5 points or 2.14 percent for the day.
Most of heavyweights slipped from previous day’s level, with Saudi Telecom dipping by 1.26 percent and SABB 0.85 percent.
Market breadth was negative as falling stocks outnumbered rising ones five-to-one on the Saudi stock market.
Jabal Omar Development Company showed the best performance among all Saudi stocks, surging by 2.4 percent to close at SR 26. The company with trades over 10.7 million shares also positioned itself among the most active stocks, and ranking third.
On the other hand, National Agriculture Marketing Co. (THIMAR), Sanad Insurance and Al-Ahlia Insurance delivered a largely negative performance, falling 9.9 percent, 9.8 percent and 9.7 percent respectively.
Share trading activity remained high as compared to previous day; turnover went up by 43.4 percent in terms of volume and 29.2 percent in terms of value.
More than 199 million shares worth SR 5.7 billion changed hands on the Saudi stock market.