Tadawul: Multi investment media sectors suffer losses

(MENAFN- Arab News) Saudi Arabia's benchmark Tadawul All-Share Index continued its downward momentum marking another weekly decline of 2.47 percent.
The TASI fell to 9136.34 points level trimming 230.94 points last week.
It went 1.37 percent above and 4.69 percent below the break-even line during the week reflecting an expanded range of 440 points.
Still its YTD return of 9.64 percent is the highest among other GCC benchmark indices. DFM with 8.34 percent positive change is the second highest.
Micro cap dipping three and half percent suffered worst among market cap indices.
The market capitalization of Saudi stock exchange reached to SR2.03 trillion decreasing 2.37 percent from the previous week's value. Banking sector is accounted for 27.8 percent of the total market cap.
SABIC (Saudi Basic Industries Corp.) is the biggest market cap company representing a market share over 14 percent. But the company finished the week to the downside reducing by 7.23 percent.
Media and Multi-Investment sectors suffered the greatest amount of damages turning down 8.3 percent and 5.5 percent respectively. Petrochemical sector plunged 4.6 percent to close the week at 6288.19.
Telecommunication & Information Technology was the single gaining sector up 1.55 percent to 1789.85. The heavyweight Saudi Telecom Co. rose 2.39 percent last week closing at SR69.3.
The market breadth was in the favor of bears as out of 165 issues traded last week only 26 managed for gains. Furthermore upside-downside volume ratio 0.26:1 was weak.
Tihama Advertising and Public Relations Co. switched its position from top performer of previous week to the worst performing stock of the week down 13.3 percent.
On the other positive side new player Saudi Ground Services Co. (SGS) remained at top position marching higher 31.76 percent and closing the week at SR72.47.
The company also topped the liquidity chart pumping SR5.95 billion in a week a relative market share of 18 percent.
Takween Advanced Industries Co. was another key gainer soaring up 14.61 percent last week. Share price of Takween climbed to a fresh all-time high of SR88.25 before closing the week at SR81.59.
Dar Al-Arkan Real Estate with a volume of 108.6 million shares remained the most active stock of the week capturing 11 percent of total market volume.
Market activity was high last week; total equity turnover at Tadawul increased to 986 million shares worth SR32.98 billion.
This turnover reflects a weekly growth of 30.5 percent on volume basis and 41.2 percent in terms of liquidity.
The volume of Transport sector increased dramatically (289 percent) from 25.7 million shares to hundred million shares.
Petrochemical sector liquidity rose by forty percent contributing SR5.7 billion into the market.
All benchmark indices at GCC stock markets ended the week in red except Muscat Securities Market which showed a nominal positive change.
Among GCC big players Albaraka Banking Group played worst dipping 5.48 percent in a week. However Qatar National Bank (QNBK) surged more than three percent.
Nearly 127 GCC stocks advanced and 332 declined last week. Furthermore GCC upside-downside volume ratio of 0.5:1 remained unfavorable.

Mushtaq Ahmed and Tazeem Anwar are senior financial analysts at Zughaibi & Kabbani Financial Consultants.