News Column

Tourism and real estate stocks suffer losses

June 29, 2014



JEDDAH: ARAB NEWS

The benchmark Tadawul All-Share Index (TASI) closed Sunday's trading session down by 55.78 points or 0.58 percent to 9,513.71, after being low as much as 85 points just after the opening bell.

The TASI reduced its year-to-date gains to 978 points or 11.46 percent.

All market cap indices finished to the downside. Only three out of Tadawul's 15 sectors witnessed a positive change, accumulating 40 points jointly.

Remaining sectors lost an aggregate of 940 points. Tourism and Real estate development posted the largest losses among sectoral indices, going down by 2.25 percent and 1.38 percent respectively.

The market breadth confirmed a bearish momentum, as out of 161 stocks traded on Sunday only 41 managed for a gain.

Saudia Dairy and Foodstuff .Co. (SADAFCO) came out as the biggest loser of the day, reflecting a reduction of SR3.83 or 3.6 percent.

Sanad Insurance and Solidarity Saudi Takaful shares plunged to a new 52-week low.

The Saudi British Bank performed worst among heavyweight stocks, declining by one percent.

On the other positive side, share price of new player Abdulmohsen Alhokair group for Tourism and Development Company rallied to a maximum growth of 10 percent, closing at SR60.5.

Recently traded Umm Al-Qura Cement Company also continued its positive movement, marking another gain of 9.93 percent.

It has gained over 210 percent in 12 consecutive sessions. Tadawul investors showed a lackadaisical attitude, as the market's volume went 60.9 percent below the 50-day average of 322 million shares. Turnover also reduced to SR4.7 billion, 53.8 percent lower than the 50-day average of SR10 billion.

Most of the trading was concentrated in Alinma Bank with 13.4 million shares, a relative market share of 10.6 percent.

Wafra for Industry remained at top in terms of value, pumping SR414.5 million.

Tihama Public Relations Company volume went 3.3 times high over its 50-day average, pouring one and half million shares roughly.


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Source: Arab News (Saudi Arabia)


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