By: Thabet Shehata
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closed Tuesday in the red, resuming its decline after a three-session rise.
A total of 11 sectors were down, led by petrochemicals, banks, and telecoms amid retreating liquidity.
The general index fell 1.62% or 110.95 points, its biggest loss since 24 March, to close at 6,757.14 points.
Commenting on Tadawul’s performance, financial advisor Ali Al-Gaafary noted that the Saudi market was down on profit-taking in the banking sector, following Monday’s strong gains.
The petrochemical sector also contributed to today’s decline, by around 25 points, due to profit-taking, Al-Gaafary told Mubasher, adding that the market is still in an upward trend.
He indicated the importance of maintain the support levels of 6,744, 6,662, 6,592, 6,530 points, respectively.
The energy sector led fallers, sliding 9.98% as Saudi Electricity shed 4.3% to SAR 16.25, whereas GASCO added 0.58% to SAR 22.65.
The banking sector was the second top loser, falling 2.81% after all-decline of its stocks with the exception of Saudi Hollandi Bank, which added 0.42%, while Al Inma Bank remained stable. AlRajhi Bank and National Commercial Bank (NCB) dropped 2.65% and 3.13%, respectively.
The petrochemical sector lost 2.23% on the back of an all-stock decline with the exception of Alujain, which gained 0.4%. Meanwhile, Saudi Basic Industries Corp (SABIC) and Saudi Fertiliser Company (SAFCO) retreated 2.77% and 1.98% to SAR 83.50 and SAR 65.50, respectively.
On the other hand, the transport sector led risers, adding 0.81% as Bahri and SAPTCO grew 1.56% and 2%, respectively, whereas the remaining stocks in the sector all ended in the red.
The analyst noted that profit-taking on Tuesday was the main reason for the decline, especially after the strong gains seen on Monday following the announcement of the National Transformation Plan (NTP) for 2030.
Monday’s rise was backed by the surge in liquidity as well as the rise of the banking and petrochemicals sectors, the analyst added to Mubasher, noting the anticipation of various major projects in the coming period as part of Saudi Arabia’s “2030 Vision”.
Translated by: Nada Adel Sobhi
