The Saudi stock market continued to drop yesterday with the Tadawul All-Share Index (TASI) falling below the psychological 10,000-point barrier. The index lost another 335.97 points yesterday after falling 473.99 points on Monday. TASI dropped 3.34 percent yesterday to a new low of 9,717.89 points.
The index has lost 41.85 percent so far this year after closing at 16,712.64 points on Dec. 31, 2005. The index reached an all-time high of 20,634.86 points on Feb. 25 this year.
However, the stock market turnover rose slightly to SR12.27 billion compared to SR11.62 billion on Monday.
The Banking index dropped 811.57 points to 28,380.59 as shares of nine listed banks edged lower. Only Samba Financial Group was in positive territory as its shares rose 1.48 percent to SR137.
In the Industrial sector, shares of Al-Ahsa for Development Co. and National Metal Manufacturing and Casting Co. edged higher while shares of all other companies declined yesterday. Shares of the bellwether Saudi Basic Industries Corp. (SABIC) too plunged 3.36 percent to SR115. The Industrial index was down 716.49 points at 19,330.87.
In the Cement sector, the lone gainer was Yamamah Cement. Its shares rose slightly to SR86.
Shares of Tihama Advertising & Public Relations Co., Saudi Land Transport Co., Al-Baha Investment & Development Co. and Saudi Industrial Export Co. rose in the Services sector, while the shares of the newly-listed Emaar Economic City fell 4.42 percent to close at SR27.
Despite huge profits by Saudi Telecom Co. (STC), its shares dropped by 5.43 percent to SR91.50. Etihad Etisalat's shares also fell over 5 percent to SR61.25.
Approval of restructuring failed to stem the slide in share price of the National Company for Cooperative Insurance (NCCI) yesterday. NCCI shares were down 3.24 percent to SR127.
Shares of Bishah Agriculture rose 2.17 percent to SR235 in the Agricultural sector, while all other companies were in the red yesterday.