Tourism, construction stocks take hit in Saudi Arabia
After four days of trading in the green, the Saudi stock market saw a significant setback on Monday, dropping more than one percent or 103.85 points. The Tadawul All-Share Index (TASI) opened with a negative note and plunged to a maximum 169 points, closing at 9,553.56.
With this reduction, the TASI’s year-to-date return reached below 12 percent. All market cap indices closed the session down, ranging from -1 percent to -2 percent.
Sectoral indices all ended in the downward territory, paring an aggregate of 1,769 points. Tourism, Construction and Real Estate Development sectors showed the worst performance, slipping 2.96 percent, 1.83 percent and 1.78 percent respectively. Energy & Utilities sector suffered least losses comparatively, down 0.4 percent to close at 5,821.57 points.
Top ten heavyweight equities finished to the downside, with Saudi Arabia Fertilizers Co. (SAFCO) dipping by 1.47 percent and Al-Rajhi Bank 1.13 percent. The market leader SABIC depreciated by 0.56 percent to close at SR114.36.
The total number of falling stocks exceeded to the total number of rising stocks by a huge margin of 137 to 16. Again Wafra for Industry posted the largest losses, reducing 9.91 percent to SR50. Alalamiya Insurance switched after hitting all-time high and dived over six percent, closing at SR136.9. Four Saudi companies including Wafa Insurance hit new-52 week low on Monday.
On the other hand, new player Umm Al-Qura Cement Company made the biggest jump among all Saudi equities, soaring up 9.79 percent to close the day at SR21.3. An appreciation of nearly 113 percent in the value of Al-Qura has been recorded in eight consecutive sessions.
Tadawul volume went up by 18 percent and traded 233.1 million shares as compared to previous day’s 197.8 million shares. The 50-day average for trading volume is closer to 334 million shares. Roughly SR7.5 billion was flowed into the market.
- A forced conversion? Top Saudi bank pledges to become fully Islamic after criticism from scholars
- Enjoying the ride: ME regional banks on plane orders 'funding' boom
- The cost of delivery: how to financially prepare yourself for having a baby
- Istanbul Tower: a cruel reminder of what could have been...for Greece
- An unfathomable figure: GCC banking assets set to hit $2 trillion by 2015