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McClatchy-Tribune  06/16/2014 12:01 AM ET
Media, construction stocks suffer losses [Arab News, Jeddah, Saudi Arabia :: ]

June 16--JEDDAH -- The Saudi stock market passed through a lean session on Sunday, posting its largest intra-day decrease since the start of 2014.

The benchmark Tadawul All-Share Index (TASI) continuing its downward fall logged a sharp decline of 1.12 percent or 109.68 points, closing at 9,716.99. It plunged to a maximum of 155 points during the session.

Only Transport witnessed a positive change among sectoral indices, growing slightly to 8,319.95. Remaining 14 sectors lost an aggregate of 1,763.16 points. Again Media and Publishing sector came out as the biggest decliner, tumbling 5.3 percent and closing at 3,092.57. The sector has reduced almost one-third of its index value in seven consecutive sessions. Construction and Multi-Investment sectors followed it, slipping 2.4 percent and 2.1 percent respectively.

Top ten heavyweight equities finished to the downside, with Kingdom Holding dipping by 1.55 percent, Samba Financial Group 1.39 percent and Riyad Bank 1.39 percent. The market leader SABIC depreciated by 0.9 percent to close at SR115.07.

The total number of falling stocks exceeded to the total number of rising stocks by a huge margin of 128 to 21. Share price of new player Umm Al-Qura Cement Company rallied to a maximum growth of 10 percent to SR12.1, clinching the spot as top gainer amongst Saudi stocks.

Ash-Sharqiyah Development Company was another significant advancer, which gained 7.51 percent for the day. SHADCO appeared to be the most liquid stock of the day, pumping SR688 million. The company volume went 4.4 times high over its 50- day average, liquidating 7.9 million shares.

While, Tihama Advertising & Public Relations Co. showing excessive losses of 9.87 percent became the major decliner at Tadawul, closing the day at SR139.25.

Share trading activity remained low on Sunday, as Tadawul volume set sold approximately 238 million shares, a decrease of 31.8 percent as compared to the 50-day average level. Equity turnover reached to SR7.8 billion, a decrease of SR3.0 billion from 50-day average value.


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