Mubasher TV
Contact Us Advertising   العربية

Saudi Tadawul slips as investors book gains

Saudi Tadawul slips as investors book gains
Photo Credit: Arabianeye-Reuters

By: Mohamed Abu Meleeh

Riyadh-Mubasher: Investors booked gains from the four-day winning run on Saudi Stock Exchange (Tadawul) on Thursday.

The benchmark TASI ended the day 0.38% or 33.96 points lower to close below the 8900 level at 8878 points.

During the last four sessions, the index gained 518.69 points, or 6.2%. Meanwhile, gains year-to-date amounted to 579.20 points, or 6.95%.

Mohammed Al Asmari, technical analyst, said today’s decline is positive, especially as it came following successive rallies.

Seven sectors were in red, led by telecommunications (-2.22%), followed by petrochemical industries (-1.4%) and banks (-0.49%).

Meanwhile, eight sectors were in green, topped by hotel & tourism (+1.87%), insurance (+1.27%) and real estate development (+1.01%).

Thursday’s turnover fell to SAR 10.9 billion, compared with SAR 13.11 billion on Wednesday. Traded volume also declined to 485.6 million shares from 538.6 million shares.

In an interview with Mubasher U radio program, the analyst said liquidity was a positive aspect today.

78 stocks moved higher, compared with 131 on Wednesday, topped by Al Rajhi Takaful (+9.85%) and Alalamiya (+9.84%) and Wafa Insurance (+6.64%). Meanwhile, 70 stocks moved lower, compared with 20 yesterday, led by Yansab (-4.74%), Zain Saudi (-3.38%) and Mobily (-2.9%).

Translated by Sayed Abdulrahman

Photo Credit: Arabianeye-Reuters