News Column

TADAWUL: Insurance sector suffers 3% fall

August 25, 2014







JEDDAH: ARAB NEWS

Saudi stocks appeared to be a little volatile on Monday as trading range of Tadawul All-Share Index expanded over 250 points.

Despite an upward jump (+148 points) after the opening bell, the TASI finished with a surprise decline of 0.55 percent on Monday.

Micro Cap index performed worst, trimming 2.45 percent for the day. Fourteen out of Tadawul's 15 sectors witnessed a negative change, paring an aggregate of 1,406 points. Only Cement sector closed the day higher, gaining five points merely.

Insurance suffered worst of all sectors, shedding over three percent to 1,435.84. Tourism, Industrial Investment and Real Estate Deve-lopment were other major decliners, going down by 1.65 percent, 1.53 percent and 1.51 percent respectively.

The total number of falling stocks exceeded the total number of rising stocks by a huge margin of 134 to 19. Al Alamiya for Cooperative Insurance and Bupa Arabia Insurance posted the largest losses, falling 9.86 percent and 6.21 percent respectively.

On the positive side, Um Al Qura Cement remained key gainer, surging by 4.45 percent to close the day at SR49.71. Riyad Bank outdid rest of its heavyweight peers, growing 2.2 percent to SR23.22. The market leader SABIC (Saudi Basic Industries Corp.) rose 0.9 percent.

Most of the trading was concentrated in Alinma Bank with 120.8 million shares, capturing 23.3 percent of Tadawul volume. The bank volume went 5.9 times high over its 50-day average. It also maintained a heavy flow of liquidity SR3.2 billion, a relative market share of 19.6 percent.

Investors participation remained healthy, specifically 518 million shares changed hands in the market, a significant 126 percent growth over the 50-day average. Roughly SR16 billion poured into the market, an increase of 101.5 percent over the 50-day average level.


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Source: Arab News (Saudi Arabia)


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