TADAWUL: Banking sector sheds 353 points

Saudi Arabia's benchmark Tadawul All-Share Index saw a significant setback on Monday, passing through a lean session of 0.85 percent and trimming back the 11,000-mark. The index closed at 10,932.73 points. The index making lower support levels plunged to a maximum of 116 points. Its year-to-date return still remained over twenty-eight percent. All market cap indices logged a negative change. Most of the sector indices finished to the downside, trimming an aggregate of 884 points. Banks & Financial Services sector posted the largest losses, shedding 353 points or 1.51 percent to close at 23,122.37. Saudi Hollandi Bank and Bank AlBilad were major decliners in this sector, each going down by 3.2 percent. Cement sector followed banking, reducing by 1.21 percent to 8,587.77. On the positive side, Hotel & Tourism sector rose 1.15 percent to close at 24,723.26. Top ten heavyweights slipped from previous days level, with Kingdom Holding dipping by 2.21 percent, Al-Rajhi Bank 1.78 and Samba Financial Group 1.32 percent. The market breadth confirmed a bearish momentum, with 38 stocks witnessing advances and 104 others marking a decline. Saudi Transport and Investment Company (Mubarrad) showing excessive losses of 5.7 percent became the major decliner at Tadawul, closing the day at SR49.77. On the other hand, Al-Alamiya for Cooperative Insurance came out as key gainer, reflecting an increment of SR5.64 or 5.15 percent. Aldrees Petroleum & Transport Services Co. was another significant gainer, which surged 2.68 percent. The company volume went 4.6 times high over its 50-day average, closing at SR61.19. Furthermore, Dar Al-Arkan Real Estate topped the volume chart, liquidating 35.3 million shares and contributing 12.1 percent to the overall market volume. Tadawul volume went slightly down by six percent and traded 292.4 million shares as compared to previous days 311.4 million shares. The value of these shares totaled SR9.9 billion, an increase of 9.5 percent over the 50-day average level.

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TADAWUL: Banking sector sheds 353 points