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Tadawul loses 0.9% on first day of applying new calculation method

Tadawul loses 0.9% on first day of applying new calculation method
Tadawul All-Share Index (TASI) shut Sunday’s session on a down note. It lost 0.88%, or 83.62 points to reach 9424.95 points, compared with 9508.57 points on Thursday. Thus, the benchmark shut below key support level of 9425.
According to analysts, closing below such support level may trigger strong correction. Ali Al-Zahrani, CEO, Money & Business Training Center (MBTC), said Tadawul was pressured lower by the declines of overseas markets especially in the U.S.
Tadawul’s index may be driven lower to near 9300 points after entitlement to SABIC’s SAR3 per share dividend ended today, the analyst told Mubasher.
Tadawul introduced on Sunday a new method for calculating the closing prices of traded shares, to limit excessive speculation and manipulation in the Gulf Arab region's largest stock market, according to Reuters.
The closing price of a stock has in the past been the price of the last trade with a value exceeding 15,000 riyals ($4,000). In future, the closing price will be the average of all trades in the final 15 minutes, weighted by the volume traded at each price.
At the sectoral levels, banks sector was the biggest loser, with a 1.68% decline, after its heaviest weight Al Rajhi Bank posted a 17% profit fall in the first quarter of 2014. It was followed by hotels & tourism (-1.18%), real estate development (-1.17%), telecommunications (-1.05%), agricultural & food industries (1.03%). Industrial investment and petrochemical industries also sagged 0.96% each. On the positive side, four sectors headed north, topped by media & publishing (+3.01%), insurance (+2.55%), transportation (+1.21%), retail (0.79%).
Trading activity was remarkably subdued. Turnover reached SAR 9.2 billion, which is 12.18% lower than Thursday’s value of SAR 10.4 billion. It is also 18.4% lower than the average weekly turnover of SAR 11.2 billion but 3.6% higher than the average monthly turnover of SAR 8.8 billion.
Traded volume amounted to 276 million shares; 15.76% lower than Thursday’s volume of 328 million shares. It is also 24.36% lower than average weekly volume of 365.4 million shares and 8.78% lower than the average monthly volume of 303 million shares.
As for stocks, decliners outnumbered advancers by 96 to 55, while 43 stocks remained unchanged.
Saudi Exports and AXA were the top gainers, rising 10% each, followed by Thimar (+9.81%), then Arabian Shield (+9.76%). On the negative side, Wafra was the biggest drag (-9.78%), followed by Saudi Fisheries (-5.71%), then Chemanol (-5.17%).
Alinma Bank was the top active with a turnover reaching SAR 596.7 million and traded volume of 33.3 million shares. It was followed by Al Rajhi Bank with turnover reaching SAR 371.4 million and Wafra (SAR 368.3 million). Kayan came second with traded volume of 11.6 million shares, followed by Dar Al Arkan (10.98 million shares).