The Saudi stock market was in the red yesterday, reflecting a solid grip of bears. The Tadawul All-Share Index (TASI) after gaining over 20 points earlier yesterday, then diving in the south and keeping the downward trend throughout the session, closed lower at 6585.63, shedding 111.2 points or 1.66 percent for the entire day. It traded in the range of 161 points.
Tadawul index shaved its year-to-date gains to 2.62 percent.
Micro cap declined more than 3.8 percent among the market cap indices.
All sector indices at Saudi stock market closed in red, paring an aggregate of 1101.63 points.
Insurance and Multi-Investment sectors were major decliners, shedding over 3 percent for the day. Building & Construction followed them, declining by 2.6 percent for the day.
Hotel & Tourism sector suffered least losses comparatively, down 0.26 percent to close at 7,138.33 points.
Market breadth was largely negative, as out of 153 stocks traded yesterday only 9 were able to close higher.
Saudi Enaya Cooperative Insurance came out as significant gainer, rising by 9.73 percent to close the day at SR 73.25.
On the other hand, Al-Mutakamela posted the largest losses amongst Saudi equities, slipping 9.6 percent.
Overall performance of heavyweight stocks remained negative as all ended in the red territory, with Al-Rajhi Bank dipped by 2.05 percent, SABIC (Saudi Basic Industries Corp.) 1.93 percent and Etihad Etisalat Co. (Mobily) 1.6 percent.
Furthermore, the Kingdom Holding ended without any change.
Tadawul falls sharply
