The Saudi stock market turned red Tuesday, reversing after a three-day surge and dropping forty points for the session.
Saudi Arabia’s benchmark stock index (TASI) stepped down exactly half percent to close at 8,030.58 points. While curving in the downward territory throughout the day it dipped to a maximum loss of sixty points.
TASI’s year-to-date yield still remained over 18 percent. Only micro cap indices showed a positive change, moving upward slightly by 0.22 percent.
Most of the sector indices ended negatively, paring an aggregate of 474 points. Only four sectors including Telecommunication & Information Technology, the best performer (up 0.7 percent), moved higher from previous day’s level.
Real estate development sector posted the largest losses, falling 1.59 percent and closing at 4,756.33. Banks & Financial Services sector was another significant decliner, going down more than one percent. Al-Rajhi Bank and Riyad Bank suffered worst of all heavyweights, turning down 1.26 percent and 1.13 percent respectively.
Only Etihad Etisalat Co. (Mobily) and Saudi Telecom Co. turned green among large caps, growing nearly half percent for the day.
Decliners outnumbered the advancers by a margin of 89 to 54 and the prices of 14 companies remained unchanged.
Filing & Packing Materials Manufacturing Co. remained at top position among all Saudi equities, surging 5.36 percent to close the day at SR 49.1.
On the other hand, Mediterranean & Gulf Insurance showed the worst performance, reducing by 2.54 percent to close at SR26.9.
Tadawul volume went up by two percent and traded 259.2 million shares as compared to previous day’s 254.1 million shares. The 50-day average for trading volume is closer to 216.8 million shares.
But upside-downside volume ratio of 0.55:1 remained unfavorable.
Most of the trading was concentrated in Dar Al-Arkan Real Estate, which liquidated about 25 million shares, a relative market share of 9.7 percent.
Real estate sector suffers 1.59% losses
