Thursday, September 24, 2020
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TADAWUL: Information technology stocks suffer losses

Despite an upward jump (+21.7 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with a surprise decline of 0.38 percent Wednesday.
The index performed within a range of 66.7 points, closing the day at 8,297.79. On year-to-date basis, the TASI’s yield reached exactly 22 percent. Med Cap indices fell more than half percent yesterday.
All sectors indices closed in the red, except the Industrial Investment sector which gained a small percentage of 0.05 and closed at 6,562.61 points. Remaining 14 sectors lost an aggregate of 360 points for the day.
Telecommunication & Information Technology sector recorded the largest losses, down by 1.24 percent to 2,668.47. Cement sector trimmed 67 points or 0.9 percent for the day.
Decliners outnumbered the advancers by a margin of 97 to 38 and the prices of 22 companies remained unchanged.
Saudi Indian Company for Cooperative Insurance (WAFA Insurance) switched its position from worst performer of the previous day to the biggest gainer of the day, up 5.37 percent to SR78.50. The Saudi Investment Bank was another significant gainer, rising by 4.38 percent.
On the contrary, the heavyweight Saudi Telecom suffered worst of all equities, going down by SR2.5 or 4.47 percent.
Market activity was a little low for the day; specifically 174.6 million shares worth SR 4.96 billion were liquidated at Tadawul. This turnover reflects a daily decrease of 23.9 percent on volume basis and 19.5 percent in terms of liquidity.
The 50-day average for trading volume is closer to 208 million shares.
Alinma Bank led the volume chart with trades over 22.6 million shares, a relative market share of 13 percent.