News Column

Transport sector index plunges 5.34 percent

June 17, 2014

Arab News, Jeddah, Saudi Arabia



June 17--JEDDAH -- Saudi Arabia's benchmark Tadawul All-Share Index tumbled 1.99 percent on Monday, its largest one-day loss since September 2013. The index reflecting a typical falling peak-trough combination trimmed 193.8 points, closing at 9,523.18.

With this reduction, the TASI's year-to-date return reached to 11.57 percent. All market cap indices closed the session down, ranging from -1.4 percent to -3.27 percent.

Sectoral indices all ended in the downward territory, paring an aggregate of 3,040 points. Transport, Media and Real Estate Development sectors showed the worst performance, slipping 5.34 percent, 5.16 percent and 4.21 percent respectively. Energy & Utilities sector suffered least losses comparatively, down half percent to close at 5,842.48 points.

Market breadth confirmed a bearish momentum, as out of 160 stocks traded Monday only 08 were able to close higher. New player Umm Al-Qura Cement Company outdid rest of the Saudi equities, marching higher by 9.92 percent to close the day at SR13.3.

Saudi Marketing Company (Farm), on the other hand, posted the largest losses, falling 9.95 percent for the day. Tihama Advertising Company and Emaar The Economic City followed it, going down by 9.87 percent and 8.6 percent respectively.

The market value of Tihama has been depreciated by 55.3 percent in eight consecutive sessions. Solidarity Saudi Takaful and Tourism Enterprises Co. dived to a new 52- week low, closing at SR20.59 and SR63.14 respectively.

Al-Rajhi Bank and Riyad Bank were major decliners among heavyweights, closing lower more than one and half percent.

Most of the trading was concentrated in Dar Al-Arkan with 33.4 million shares, capturing 12 percent of Tadawul volume.

Again SHADCO volume went three times high over its 50-day average, liquidating 5.5 million shares. But the company lost 4.5 percent this time, closing at SR86.12.

Market activity was 20 percent low as compared to 50-day average level. Roughly 278 million shares worth SR8.6 billion were flowed into the market.

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

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Source: Arab News (Saudi Arabia)