Wednesday, September 30, 2020
Home > Economy > TADAWUL: Cement companies shares tumble 1.77%

TADAWUL: Cement companies shares tumble 1.77%

The Saudi stock market was in the red Tuesday, reversing after a 3-day surge and dropping 0.57 percent for the day.
Saudi Arabia’s benchmark stock index (TASI) ended Tuesday’s trading in the red at 8,359.59 points, down 48.3 points from its previous day close. It plunged to a maximum of 63 points during the day.
All market cap indices finished to the downside. Sectoral performance was also negative, with 12 sectors paring an aggregate of 497.2 points. In turn, media, tourism and retail sectors have been unharmed by the day’s trading, showing a collection of 35 points jointly.
Cement sector came out as the biggest loser, shedding 1.77 percent or 136.9 points to close the day at 7,603.06. Southern Province Cement Co. showing excessive losses of SR 8.75 or 6.89 percent became the major decliner at Tadawul.
Energy and Telecommunication were other significant declining sectors, going down by 1.45 percent and 1.15 percent respectively.
Most of heavyweights closed in the downward territory, with Saudi Electricity Co. dipping by 1.67 percent, Saudi Telecom 1.36 percent and Mobily 1.13 percent. Only Riyad Bank and SAFCO showed a positive change among large caps, advancing 0.34 percent and 0.16 percent respectively.
The market breadth was in favor of bears as out of 157 stocks only 39 were able to close higher.
Wafa Insurance and Al Hassan Ghazi Ibrahim Shaker showed the best performance among all Saudi stocks, moving up by 3.56 percent and 3.27 percent respectively.
Tadawul turnover went down by 13 percent and traded 167 million shares as compared to previous day’s 192 million shares. The volume also remained 15.9 percent below the 50-day average of 198.8 million shares.
Nama Chemicals maintained inspiring living of Sunday’s contest, liquidating over 17.6 million shares and surging 2.4 percent.