The BMG Saudi Index continued its negative performance in yesterday’s session, losing 55.7 points to reach 510.1 points and falling by 9.8%, a downturn unseen since July 15th 2006. The market turnover also went down sharply, recording SR4.1 billion ($1.1 billion), down by 50.2% from Monday’s session. The fall in the Saudi market has also been affected by the downturn on global markets, with sentiment across the world turning bearish, at least in the short term.
All the sectors followed the Index’s downtrend, falling sharply and accentuating its drop. The Industrial sector deteriorated by 9.9%, to be followed by the agricultural sector, which went down by 9.6%. The services sector came in next with a 9.3% decrease, leaving the Insurance sector behind with a 7.5% decline.
All of the BMG Saudi Index’s shares moved down. Malath Cooperative Insurance and Reinsurance Company was the best performer, losing 6.3% and closing at SR111.5 per share. Saudi Industrial Export Company, on the other hand, was the worst performer, with its share price falling by 10% to SR47.25 per share. SABIC’s share price continued its strong negative trend, declining by 9.9%, to reach SR163.25 per share.
