Tadawul continues to fall further

The Saudi stocks took another dip yesterday, as the Tadawul All-Share Index (TASI) fell further 12.37 points to close at 7,078.53. The index showing a steep decline during the mid session and a narrow range of 42 points ended in the red territory, dropping 0.17 percent for the entire day. Among market cap indices only Micro cap was able to close a little higher. Overall sectoral performance remained negative as twelve sectors moved downward for the second consecutive day, trimming nearly 296 points collectively. Only three sectors including Banks & Financial Services - the best performer (up 0.22 percent) - turned green, accumulating an aggregate of 46 points. Media and Multi-Investment sectors were the significant decliners, going down by 1.7 percent for the day. Decliners outnumbered the advancers by a margin of 68 to 62 and the prices of 24 companies remained unchanged. Heavy weights closed in mixed fashion, where Samba Financial Group retrieved entire loss of previous day, surging by 1.3 percent. However, the Kingdom Holding continued its downward fall for the second straight day, dipping 5.6 percent to close at SR 12.75. Gulf General Cooperative Insurance Co. continued to play well among Saudi stocks, topping the gainer chart with 9.86 percent positive change. On the other hand, Amana Cooperative Insurance repeated the worst performance of previous day, slipping 8.28 percent further to close at SR 169. Tadawul Investors lacked buying interest on Monday, as the market's volume went 15.9 percent below the 50-day average of 277.4 million shares. From : Arabnews