JEDDAH: The Saudi stock market continued to slide yesterday as investors await the announcements of second quarter financial results.
The Tadawul All-Share Index (TASI) declined 1.98 percent or 111.17 points to 5,490.02, its lowest closing since late April.
Almost all market sectors contributed to this loss, except the Agriculture & Food Industries, which managed to close with a gain of 0.22 percent. Otherwise, sector losses ranged from a strong drop of 3.31 percent in the Petrochemical Industries sector to 0.37 percent in the Insurance sector. Market breadth was strongly negative, with only 21 advancers to 103 decliners, giving an AD ratio of 0.20, the Jeddah-based Financial Transaction House (FTH) said in its market commentary.
Banque Saudi Fransi was the only gainer in Banks & Financial Services sector as its shares increased 0.51 percent to SR39.80, while rest of the companies were in the red. Samba Financial Group shares plunged by 4.51 percent to SR40.20, Bank Albilad by 2.94 percent to SR23.10 and Al-Rajhi Bank by 2.37 percent to SR61.75.
The Petrochemical Industries sector suffered badly yesterday. The petrochemical index dropped to 4,250.75. Rabigh Refining and Petrochemical Co. shares fell by 6.23 percent to SR27.10, Yanbu National Petrochemical Co. by 5.19 percent to SR25.60, Methanol Chemicals Co. by 5.02 percent to SR15.15, Sahara Petrochemical Co. by 4.08 percent to SR20 and Saudi Basic Industries Corp. by 3.44 percent to SR63.25.
The Saudi Capital Market Authority (CMA) said yesterday it approved a SR1.05 billion rights issue for Sahara Petrochemical. The rights issue is limited to the shareholders who are registered in the shareholders register at the close of trading on the extraordinary general assembly day, which will be determined later by the company’s board. The price and number of offered shares will be determined by the company during the extraordinary general assembly, according to a statement on the Saudi bourse website.
The CMA also approved SABB Takaful’s request to increase its capital through a rights issue offering with a total value of SR300 million. The price and number of offered shares will be determined by the company during the extraordinary general assembly, the CMA said in its announcement.
SABB Takaful’s shares jumped by 9.66 percent to SR88 yesterday.
