By Majid Al-Shabib
Riyadh – Mubasher: Saudi stock market, or Tadawul, slipped on Sunday as conflicting news came from oil producers’ meeting in Doha.
The main index shed 1.4% or 96 points, while traded value amounted to SAR 5.2 billion.
It was reported earlier today that the meeting would be delayed, while other news said that the draft agreement stipulates the attendance of all OPEC member states.
The strong selling seen today was triggered by Doha meeting tensions, said Said Al-Harbi, adding that the market shrugged off the positive results of some leading stocks like Al Rajhi Bank and Saudi Kayan.
The analyst also expects the index to see profit taking in the coming period as it failed to shoot above the 6,525 level today.
All sectors were down, led by transportation and insurance that slipped by 4.4% and 3.1% respectively.
Banks lost 0.58%, petrochemical industries (-2.1%) and real estate development (-2%).
135 stocks moved down, led by Tawuniya (-9.7%), then Halwani Bros (-6.3%) and Yansab (-5.9%). On the positive front, 28 other stocks moved higher, topped by Wafa Insurance (+9.9%), then Amana Insurance (+8.6%) and Al-Ahlia Insurance (+5.4%).
