Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) retreated to 8,002.14 points Wednesday, which was roughly where it started the session.
It took a u-turn after 22.5 points earlier fall and then moving sideways for rest of the session closed one point below the break-even line.
The market cap indices closed the day in mixed territories.
Six out of Tadawul’s 15 sectors ended positively, reflecting an accumulation of 96.7 points.
Insurance showing notable gains of 1.81 percent again became the top performer among sectoral indices, closing at 1,138.79. Real estate development sector was another significant gainer, advancing more than one percent.
On the other hand, nine sectors closed lower from previous day’s level, shedding 266.6 points for the day. Tourism and Multi-Investment suffered worst of all sectors, going down 0.66 percent and 0.62 percent respectively.
Advancing stocks outnumbered decliners by a margin of 71 to 56 and the prices of 30 companies remained unchanged. Upside-downside volume ratio of 2.2:1 also remained strong.
Surprisingly, Saudi Indian Company for Co-operative Insurance (Wafa Insurance) with 9.87 percent positive change and Saudi Industrial Investment Group with 2.59 percent downfall, continued to dominate the performance charts for the second straight day.
SABB outdid rest of its heavyweight peers, advancing more the one percent and closing at SR 39.2.
Emaar the Economic City and Saudi Mobile Telecommunications Co. (Zain) showed the best performance among most active stocks, closing green and capturing over 22 percent market volume jointly.
Tadawul volume went up by 10.7 percent and traded 184.9 million shares as compared to previous day’s 167 million shares. Roughly SR4.7 billion was poured into the market, an increase of 8.9 percent.
But market activity still remained nearly 15 percent lower than the 50-day average level.
Insurance stocks continue to surge
