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Tadawul: Agriculture and food stocks surge 0.88%

Saudi stocks wavered sideways on Wednesday, almost a repeat of previous couple of days’ flat performance which turned slightly negative and the day ended in red.
The Tadawul All-Share Index (TASI) dipping more than sixty points earlier finally closed (9,351.11) three points below the break-even line. On year-to-date basis, it showed a yield of 9.55 percent.
Six out of Tadawul’s fifteen sectors extended gains, reflecting an accumulation of 207 points. Agriculture & Food Industries showed the best performance among all sectors, advancing 0.88 percent and closing at 9,882.50.
On the negative side, nine sectors including Hotel & Tourism (-1.5 percent) — the biggest decliner of the day — went downward, trimming an aggregate of 485 points.
The market breadth with advance-decline ratio of 0.67:1 remained unfavorable. Bank Albilad made the biggest jump among all Saudi equities, marching higher by 9.52 percent to close the day at SR43.7.
The Mediterranean and Gulf Insurance was another significant advancer, surging 4.78 percent for the day.
Etihad Atheeb Telecommunication Company, on the other hand, posted the largest losses, going down by 3.33 percent to SR15.95. But trading activity was led by Atheeb, which represented a 12.8 percent relative market share in terms of volume and 7.5 percent in terms of liquidity. Other most active stocks also finished to the downside.
Tadawul total turnover set sold approximately 311 million shares worth SR8.8 billion, a slight (less than 3 percent) decrease from previous day level.
The volume remained roughly 17 percent greater than the 50-day average of 267 million shares.