Investors seek new positions in Kingdom

Investors have been attempting to build new positions by selling and accumulating the Saudi equities yesterday as Tadawul index showed almost a repeat of previous day's flat performance, which ended in a slight decline. The Tadawul All-Share Index (TASI) retreated to 6,943.64 points, which was roughly where it started the day. The index while reflecting two intra-day spikes, trimmed nominal 1.47 points or 0.02 percent to close the day in the red territory. Sector indices performed in a mixed fashion, with nine sectors accumulating an aggregate of 175 points. Insurance was the worst performing sector (-4.44 percent) with Sanad Insurance, AMANA Insurance, Al Ahlia Insurance, Saudi Indian Insurance and Saudi Arabian Insurance all shed more than 9.7 percent for the day. SABB was the significant loser among heavyweights, showing a negative change of 1.2 percent. On the other hand, Etihad Etisalat Co. (Mobily) played well, moving upward by 0.76 percent. The market breadth was weak with 79 stocks witnessing declines against 63 stocks registering advances and the prices of 12 companies remained unchanged. Saudi Advanced Industries dominated the performance among all Saudi stocks, reflecting an increment of SR1.8 or maximum of 10 percent to close the day at SR 19.8. Trading activity was led by Dar Alarkan Real Estate Development, which appeared to be the most active stock at Tadawul. Its more than 45.9 million shares were traded yesterday, nearly one-sixth relative market share. From: Arabnews