News Column

Stocks recover after abrupt plunge

June 9, 2014

Arab News, Jeddah, Saudi Arabia

June 09--JEDDAH -- Despite a wide fluctuation, the Tadawul All-Share Index (TASI) changed a little from earlier levels on Sunday, declining merely 6.9 points or 0.07 percent to close at 9,853.51.

After falling over 144 points or 1.46 percent earlier it bottomed out at 9,716.44 points level and started to rise again but ended below the break-even line.

Heavy interest was witnessed in the Saudi Kayan and Dar Alarkan Real Estate, which collectively contributed about 14 percent of the Tadawul's total volume. But both companies finished to the downside.

The bellwether SABIC (Saudi Basic Industries Corp.) topped the value chart, pumping a liquidity of SR440.9 million and closing green.

The level of turnover remained significantly escalated as trading volume at Tadawul reached 346.8 million shares, increasing by 28.4 percent from the previous value.

The liquidity of SR11.8 billion surpassed the previous day's SR9.5 billion.

The number of executed transactions reached 195,149 trades, an increase of 28.7 percent over the previous day.

Seven sectors accumulated an aggregate of 741.2 points and eight sectors lost 635 points for the day.

Transport made the biggest jump among sectoral indices, posting a reasonable gain of 222.4 points or 2.67 percent.

Cement and Agriculture culture sectors followed it, growing by 1.31 percent and 1.12 percent respectively.

Media, Insurance and Real Estate suffered worst of all sectors, slipping 7.18 percent, 3.45 percent and 1.92 percent respectively.

Falling stocks outnumbered rising ones two-to-one on the Saudi stock market yesterday.

Share price of Tihama Advertising & Public Relations Company dived to a maximum decline of 9.92 percent, closing the day at SR234.75.

On the other positive side, Atheeb Telecom and Ash-Sharqiyah Development Company topped the performance chart, closing higher by 9.68 percent and 9.24 percent respectively.


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

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Source: Arab News (Saudi Arabia)

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