Market cap falls to SR 1.39 trillion

A bearish trend continued to prevail at Saudi stock market last week and the Tadawul index lost a major portion of its previous week's gains, going down by 1.8 percent. The Tadawul All-Share Index (TASI), reflecting a falling peak-trough combination continued stepping its way lower throughout the week, ended in the red territory at 6,816.93 points, down 125.04 points from its previous weekend close at 6,941.97 points. Its weekly trading range narrowed to 135.8 points as compared to previous week's 195.4 points. On year-to-date basis, the TASI's yield shrank to 400 points roughly. The market capitalization of Saudi stock exchange reached to SR 1.39 trillion, decreasing by 1.79 percent from the previous week's value. All market cap indices closed the week lower, with Small cap performed worst (-3.37 percent). All sector indices at Tadawul (market) closed in red, dropping an aggregate of 1,620 points. Insurance, Multi-Investment and Media and Publishing sectors were major decliners, shedding 4.61 percent, 4.26 percent and 4.08 percent respectively. However, Cement sector suffered least losses comparatively, down 0.45 percent to close at 5,761.51 points. Most of heavyweights fell down from previous week's level, with SABB dipping by 2.52 percent and Saudi Telecom 2.13 percent. However, Etihad Etisalat Co. (Mobily) closed the week without any change. Market breadth was unfavorable, as out of 155 stocks traded last week only 28 were able to close higher. Furthermore, upside-downside volume ratio of 0.3:1 remained largely negative. Tabuk Agricultural Development Company turned in a splendid performance among all Saudi stocks, soaring up 7.44 percent for the week to close SR 36.1. On the other side of the spectrum, Amanah Cooperative Insurance continued its downward fall for the second consecutive week, declining by 27.79 percent further. Most of the major benchmark indices at GCC stock markets ended the week in red. The benchmark GulfBase GCC General Index also closed the week lower at 3,901.53 points level, losing nearly 46.6 points or 1.18 percent for the entire week. From : Arab News