Insurance stocks continue to fall in Saudi Arabia
The Saudi stock market was in the red yesterday, dropping slightly by 0.17 percent.
Saudi Arabia’s benchmark stock index (TASI) bouncing between green-red within a range of 41.4 points ended nearly 13 points lower to finish at 7,504.38 points. It went 18.4 points above and 23 points below the break-even line during the day.
Only Large cap among the market cap indices moved upward slightly.
Five out of Tadawul’s 15 sectors witnessed a positive change, accumulating 64.7 points for the day. Remaining twofold sectors closed in the downward territory, paring an aggregate of 242.8 points.
Media and Publishing was significant performing sectors, advancing 0.66 percent to close the day at 2,829.56.
On the negative side, Insurance sector continued its descending travel for the third straight day, going down 1.75 percent further. Saudi Indian Company for Co-operative Insurance (WAFA Insurance) suffered the greatest amount of damages in a consecutive manner, turning down 9.91 percent further.
Most of heavyweights slipped from previous day’s level, with Kingdom Holding performed worst, declining more than one percent to SR 18.65.
Decliners outnumbered the advancers by a margin of 96 to 36 and the prices of 24 companies remained unchanged.
Saudi Pharmaceutical Industries and Al-Jouf Agriculture Development led the top gainers chart at Tadawul, surging by 4.51 percent and 4.13 percent respectively.
Tadawul turnover went down further by 11.3 percent in terms of volume and 8.1 percent in terms of value. Total volume set sold approximately 185 million shares, a decrease of 25.8 percent over the 50-day average level.
Middle East Specialized Cables Co. came out as the biggest loser among most active stocks, falling 6.87 percent for the day.
Emaar the Economic City appeared to be the most active stock, liquidating more than 19 million shares, which equates 10.5 percent of overall market volume.