Insurance stocks decline sharply

Insurance stocks decline sharply
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Published July 10th, 2013 - 13:55 GMT via SyndiGate.info

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The market breadth was almost balanced with 67 issues witnessing advances against 66 issues recording declines
The market breadth was almost balanced with 67 issues witnessing advances against 66 issues recording declines

Saudi Arabia’s benchmark stock index (TASI) yesterday rose 13.27 points to finish at 7,708.52 after trading between 7,691.31 and 7,723.46. The index traded within a range of 32.15 points, adding 0.17 percent for the entire day.

TASI’s year-to-date gains remained over nine hundred points or 13.34 percent.

Among market cap indices only Micro cap could not manage for gains.

Sectoral performance was mixed, with eight sectors accumulating an aggregate of 186.4 points and seven sectors trimming 68.5 points collectively.

Transport was major winner among sectoral indices, which marginally increased by 0.71 percent to close the day at 4,978.38.

On the contrary, Insurance suffered worst of all sectors, going down nearly half percent. Saudi Indian Company for Co-operative Insurance (WAFA Insurance) showing excessive losses of SR 10.75 or 9.91 percent became the major decliner at Tadawul.

Most of heavyweights extended gains, with Saudi Telecom outdid rest of its peers, advancing 1.23 percent to SR 41.

The market breadth was almost balanced with 67 issues witnessing advances against 66 issues recording declines.

Tabuk Agriculture Development Co. and Gulf Union Cooperative Insurance showed the best performance among all Saudi stocks, surging 5.3 percent and 3.9 percent respectively. GUCIC with trades over 5.7 million shares positioned itself among the most active stocks, closing the day at SR 31.8 and ranking fourth.

Share trading activity remained low yesterday, as Tadawul volume set sold approximately 137 million shares, a decrease of 17.9 percent as compared to previous level and 42.7 percent below the 50-day average of 239.4 million shares.

Liquidity also shrank to SR 3.9 billion, 32.6 percent lower than the 50-day average of SR 5.7 billion.

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