Jeddah: Saudi stock market's 14-day surge ended on Wednesday. The Tadawul All-Share Index (TASI) opened at 7,399.87 points level which appeared to be the intra-day high. It did not bounce up after extremely low earlier at 7,265.31 points and subsequently traveled sideways in the negative zone throughout the day to close at 7,374.92. The index pared only 24.96 points or 0.34 percent for the entire day.
Investors' excessive enthusiasm reduced but still an adequate level of liquidity moving on, specifically SR12.2 billion were poured into the market. Tadawul volume went down by 17 percent and traded 583.7 million shares as compared to previous day's 703.2 million shares.
All market cap indices closed the day in negative zone except Micro Cap which performed well and advanced over 0.24 percent for the day to close at 11,167.79 points.
The performance of all sectors was mingled as seven out of Tadawul's fifteen sectors witnessed advancement. Hotel & Tourism remained at top showing the accumulation of 139.54 points or 2.04 percent for the day to close at 6,991.22. On the worst side, Banks & Financial Services lost 129.26 points or 0.78 percent from its previous level.
Overall performance of heavyweight stocks remained negative as all ended in the red territory; SABB with 1.3 percent decrease was worst performer of the day. Only Saudi Telecom Co. remained unharmed and which showed a 3.1 percent daily growth among large cap companies.
Saudi Mobile Telecommunications Co. with the volume of 73.4 million shares came out as the most active stock of the day. On the other hand, Saudi Kayan with SR1.2 billion expanded the liquidity at Tadawul and grabbed a 10 percent market share.
Al-Baha for Development & Investment Co. dominated the performance among all Saudi stocks and showed an increment of SR2.3 or 9.74 percent to close the day at SR25.9.
© Arab News 2012
