By: Bedoir Alraee
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) declined on Tuesday for the second consecutive session due to losses by major market sectors, such as banks, energy and basic materials, and profit making prior to the completion of the Saudi Aramco initial public offering (IPO).
Tadawul All Share Index (TASI) reached its lowest level in 11 sessions, as it closed at the level of 7,877.83 points, losing 1.7% or 135.86 points, recording its highest decline in three weeks.
The Saudi bourse witnessed strong profit-making today after seeing a strong upward trend, with investors anticipating the weights of blue stocks on the emerging markets indices and investors reshuffling their portfolios before the listing of Aramco, Saad Al Thaqfaan, market analyst and member of the Saudi Economic Association, told Mubasher.
Traded values increased to SAR 5.73 billion, compared with SAR 2.082 billion on Monday, with volumes almost doubling to 190.096 million shares from 82.46 million shares yesterday.
Arab National Bank (ANB) recorded the highest turnover at SAR 974.913 million and was the most actively traded stock with 38.5 million shares.
SABB recorded a traded volume of 24.3 million shares, followed by Al Rajhi with 10.94 million shares.
As for the market sectors performance, food led the decliners and dropped 3.17%, while commercial and professional services was the top gainer and added 1.51%.
The banks' sector index lost 2.15%, while basic materials and energy decreased by 1.7% and 1.4%, respectively.
Anaam Holding was the top rising stock as it surged 9.95%, while Savola was the biggest loser and slid 5.56%.
