News Column

Media & Publishing stocks continue to fall

June 12, 2014

Arab News, Jeddah, Saudi Arabia

June 12--JEDDAH -- Saudi Arabia's benchmark Tadawul All-Share Index (TASI) dropped 34 points or 0.34 percent to 9,871.68 points on Wednesday. The index slipped into red territory earlier and plunged to a maximum of 53 points during the day.

Only Micro cap index managed for a gain yesterday. Four sectors including Insurance, the best performer (up 0.82 percent), moved higher from previous day's level. Rest of the sectors trimmed more than thousand points jointly.

Media and Publishing sector continued its downward spiral and fell for a fifth session on Wednesday, shedding 204 points or 5.62 percent to 3,429.53. Hotel & Tourism was another significant declining sector, going down by 1.84 percent. But both sectors are considered to be low in weightage.

Decliners outnumbered the advancers by a little margin of 74 to 70 and the prices of 15 companies remained unchanged.

Saudi Arabian Cooperative Insurance and Basic Chemical Industries led the top gainers chart at Tadawul, surging by 8.45 percent and 8.23 percent respectively. Wafrah for Industry & Development advanced 6.46 percent, closing at SR67.75. The company pouring roughly SR486 million appeared to be the most liquid stock.

On the other side of the spectrum, Tihama Advertising & Public Relations Co. suffered the greatest amount of damages in a consecutive manner, turning down 9.97 percent further to SR171.5.

Kingdom holding performed worst amongst heavyweight equities, declining one and half percent. However, SABB volume went 15 times high over its 50-day average, liquidating 2.7 million shares.

Market activity was a little low for the day; specifically 219.8 million shares worth SR8.4 billion were liquidated at Tadawul. Turnover went down by 29.2 percent on volume basis and 24 percent in terms of liquidity.

The 50-day average for trading turnover is closer to 349.4 million shares worth SR10.9 billion.


(c)2014 the Arab News (Jeddah, Saudi Arabia)

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Source: Arab News (Saudi Arabia)

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