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TASI closes below 6,000 pts for first time in 3.5 years

TASI closes below 6,000 pts for first time in 3.5 years
TASI closed at its lowest level since October 2016

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) fell on Monday for the fourth consecutive session, reaching its lowest level since October 2016.

The Tadawul All Share Index (TASI) dropped by 5.21% or 327.7 points and closed the second day of the week at the level of 5,959.69 points.

Traded values reached SAR 5.2 billion, up from SAR 4.5 billion yesterday, as traded volumes amounted to 243.86 million shares, compared with 211.46 million shares on Sunday.

The market sector indices collectively closed in the red zone, as banks and materials declined by 6.45% and 5.89%, while energy and telecom lost 3.58% and 1.26%, respectively.

Earlier today, the Saudi Arabian Monetary Authority (SAMA) decided to cut interest rates by 0.75% in light of the spread of the new coronavirus (COVID-19), and after the US Federal Reserve cut its benchmark rate by 1% to a 0-0.25% range.

As for the stocks’ performance, 184 closed in losses, while only eight recorded gains and two remained unchanged.

SIECO was the biggest loser as it decreased by 10%, while Wataniya Insurance was the highest gainer and surged by 10%.

Alrajhi logged the biggest turnover at SAR 789 million, while Alinma was the most actively traded stock with 28.28 million shares.

Meanwhile, the Nomu Parallel Market plunged by 8.67% or 420.8 points and closed at 4,430.26 points.