Saudi TASI falls to 10-week low 

(MENAFN - Arab News) After rebounding on Sunday, the Saudi stock market moved into negative territory on Monday. The Tadawul All-Share Index (TASI) dropped 1.63 percent or 89.41 points to 5,407.31 — a 10-week closing low — as listed companies started announcing their second quarter financial results.

All the sectors contributed to the losses except the Hotel and Tourism sector closing with a gain of 2.67 percent. The losses were widespread and ranged from 0.68 percent by the Energy & Utilities to 5.15 percent by the Insurance sector. Market breadth was strongly negative with only 10 advancers against 114 decliners giving an AD ratio of 0.09, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary on Monday.

Market liquidity has been stagnant at a low level of SR3.8 billion since Sunday, the FTH said.

Saudi Basic Industries Corp. (SABIC) — the largest listed company in the Gulf Arab region by market capitalization — fell 3.8 percent to SR57. Shares in Nama Chemicals declined by 3.11 percent to 10.90, Methanol Chemicals Co. by 3.04 percent to SR14.35, Sahara Petrochemical by 2.88 percent to SR18.55 and Rabigh Refining and Petrochemical Co. by 2.20 percent to SR26.70.

Saudi Hotels & Resort Areas Co. was the top gainer yesterday as its shares increased by 3.59 percent to close at SR31.70.

The insurance companies were badly hit on Monday. Shares in Saudi Fransi Cooperative Insurance Co. (Allianz SF) plunged by 9.77 percent, The Mediterranean & Gulf Insurance & Reinsurance Co. (Medgulf) by 9.66 percent, SABB Takaful by 9.33 percent and Alahli Takaful Co. (ATC) by 9.32 percent.

By Khalil Hanware