Despite a positive start (61.36 points), a bearish trend continued to prevail at Saudi stock market last week.
The Tadawul All-Share Index (TASI), reflecting a falling peak-trough combination continued stepping its way lower throughout the week, ended in the red territory at 7,057.01 points, down 47.49 points or 0.67 percent from its previous weekend close at 7,104.5 points. Its
weekly trading range expanded to 145.7 points as compared to previous week's 73.5 points.
On year-to-date basis, the TASI’s yield reached to 639.28 points or 9.96 percent.
The market capitalization of Saudi stock exchange decreased slightly (-0.54 percent), reaching at the previous week’s level of SR 1.4 trillion. Small cap performed worst among the market cap indices, declining more than 1.39 percent in a week.
Sectoral performance was negative, as 13 out of the 15 sectors closed in downward territory, paring an aggregate of 795 points for the entire week.
Hotel & Tourism sector posted the largest losses, falling 2.01 percent to close the week at 7,589.19. Media and Multi-Investment sectors followed it, trimming 1.95 percent and 1.82 percent respectively. Only Transport and Energy sectors remained green, reflecting a weekly growth of 1.59 percent and 0.25 percent respectively.
Decliners outnumbered the advancers by a margin of 101 to 45 and the prices of 8 stocks remained unchanged last week.
Most of heavy weights closed in red, with Kingdom Holding changing its position from top gainer of previous week to the biggest loser of the week, down 2.28 percent. The market leader SABIC (Saudi Basic Industries Corp.) followed it, dipping by 2.20 percent. However, Saudi Arabia Fertilizers Co. (SAFCO) outdid rest of the heavyweight peers, advancing 0.8 percent to close the week at SR 188.5.
Among all Saudi companies, Gulf General Insurance (+12.3 percent) and Al-Sorayai Trading & Industrial Group (+10.45 percent) showing notable gains became the key performers of the week.
Allianz Saudi Fransi, on the other hand, came out as the worst performing stock, topping the decliner weekly chart with 18.28 percent negative change.
Tadawul weekly turnover went down by 19.7 percent in terms of volume and 15.7 percent in terms of value. More than 1 billion shares worth SR 29.3 billion changed hands on the Saudi stock market.
Furthermore, upside-downside volume ratio of 0.4:1 remained slightly weak.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 3,967.42 points level, adding 16.09 points or 0.41 percent for the entire week.
Tadawul turnover falls 19.7 percent
