(MENAFN - Arab News) Despite closing higher for three days during the week, Saudi Arabia's benchmark stock index delivered negative end results last week.
The index sustained its downward trend for the second consecutive week, trimming back the 7,000-mark to close lower at 6,998.34 points, down roughly 38 points or 0.54 percent from its previous weekend close at 7,036.33 points. It performed within a trading range of 106 points last week.
The market capitalization of Saudi stock exchange reached to SR 1.43 trillion, decreasing by 0.92 percent from the previous week's value.
Among market cap indices only Micro cap was able to move upward for the week.
Sectoral performance was mixed during the week, as the losses made by the Transport (-2.8 percent) and Petrochemical Industries (-1.41 percent) being offset by rise in Media and Publishing (3.69 percent) and Telecom (1.31 percent).
Weekly market breadth was unfavorable, with 57 stocks witnessing advances and 88 others marking a decline. Furthermore, upside-downside volume ratio of 0.6:1 remained negative.
Saudi Industrial Export made the biggest jump among all Saudi equities, topping the weekly gainer chart with 25.76 percent positive change, closing at SR 113.5. Saudi Arabian Insurance and Amanah Coop. Insurance followed it, advancing 8.40 percent and 7.61 percent respectively.
On the other hand, Saudi Integrated Telecommunication Co. suffered worst of all equities, showing a reduction of SR 4.70 or 20.98 percent.
Seven out of top 10 heavy weights went down for the week, with Saudi Telecom Co. dipping by 5.54 percent, Samba Financial Group 3.38 percent and Kingdom Holding 1.50 percent. On the positive side, only Etihad Etisalat Co. (Mobily) was able to manage for a weekly gain, surging by 5.28 percent to close at SR 74.75.
Market activity remained low last week; specifically 906.2 million shares worth SR 26.8 billion were liquidated at Tadawul. This turnover reflects a weekly decrease of 8.2 percent on volume basis and five percent in terms of value.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week slightly higher at 4,050.06 points level, adding merely 2.49 points or 0.06 percent for the entire week.