By Maged Al-Shabib
Riyadh-Mubasher: Tadawul All-Share Index (TASI) slid 1.86% or 111 points to close Tuesday at the 5,874 level amid the continued profit-taking and anticipation of oil prices which fell more than 3%.
Turnover rose 4% to SAR 6.15 billion from SAR 5.9 billion.
Amgad Al-Harbi, capital market expert, said TASI's rise over the last period is not a technical rebound, noting that increase in oil prices boosted investors' confidence.
The banking sector dominated 18% or SAR 10.8 billion of the total traded value. The real estate development accounted for 13% (SAR 854 million), while the petrochemical and insurance sectors captured 13% and 12 of the total turnover, respectively.
Sectors declined across the board, led by the energy and building which dived 7.5% and 4.4%, respectively.
The petrochemical sector also slid 3.3%, hurt by SABIC which moved 3.65% lower. The banking sector lost 1.1%, hit by the decline of its stocks, excluding Bank Albilad which rose 3.7%.
Al-Harbi said the region's stock markets will not recover unless economic indicators improve. Otherwise, they will see a further decline.
Round up equities, 144 moved lower, led by Al-Tayyar which dropped 8.5%, followed by Al Babtain which shed 7.9%.
Meanwhile, 22 stocks rose, topped by Gulf Union and Trade Union which soared 9.86% and 9.84% in a row.
Translated by Abdul Maguid Aboshahla
