Tadawul: Insurance stocks suffer 3.5% fall

Despite an upward jump (+70 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with a surprise decline of 1.29 percent on Tuesday.
The index performed within a range of 180.7 points, closing the day at 7,831.76.
All market cap indices finished to the downside, with Micro cap falling 2.8 percent.
Sectoral indices all closed in downward territory, paring an aggregate of 1,454 points for the entire day.
Insurance suffered worst of all sectors, showing a reduction of 3.54 percent to close the day at 1,069.59. Real Estate Development, Agriculture and Telecom sectors followed it, slipping 2.64 percent, 2.26 percent and 2.12 percent respectively. Energy & Utilities sector suffered least losses comparatively, down half percent to 4,754.10 points.
Top ten heavy weights also closed in red, with Etihad Etisalat Co. (Mobily) performing worst and reducing by 2.63 percent.
The total number of falling stocks exceeded to the total number of rising stocks by a huge margin of 143 to 10.
Aljazira Takaful Taawuni Company continued its topping position at Tadawul, reflecting an increment of SR 2.75 or 4.76 percent to close the day at SR60.5. Aljazira with a liquidity of SR1.3 billion also topped the value chart, reflecting a relative market share of 17.1 percent.
On the negative side, Al-Ahlia Insurance showing excessive losses of SR 3.4 or 7.54 percent became the major decliner at Tadawul.
A good amount of liquidity SR7.8 billion were poured into the market, an increase of 48.4 percent over the 50-day average level. Trading volume was impressive, with about 272 million shares changed hands in the market, a significant 30.4 percent growth over the 50-day average level.
Alinma Bank continued to dominate the trading activity, liquidating over 33 million shares, which equates 12.1 percent of the overall market volume.