By: Majed Al Shabib
Riyadh – Mubasher: The general index of the Saudi Stock Exchange (Tadawul) succeeded in reducing the losses incurred earlier on Sunday by as much as 75%, ending the session at a decline of 1.10% to 6,478 points.
Earlier today, the index plunged 4.5% to 6,256 points, pressured by the UK’s vote on Friday to exit the European Union (EU).
Tadawul’s close came better than analysts’ expectations, with turnover reaching a two-week high of SAR 4.9 billion.
The banking and real estate development sectors accounted for 39.8% of the Saudi market’s liquidity, at 20% and 19.8% of turnover, respectively.
Technical analyst Ahmed El Fayez noted that Tadawul’s declines coincided with global market losses, however, the sudden rise in buying and trimming of losses indicate a better atmosphere among investors.
All of the markets sectors were down, with the exception of the energy and real estate development, which gained 1.4% and 0.43%, respectively.
The media and publishing and hotels sectors led fallers, sliding 3.3% and 2.49%, respectively.
A total of 151 stocks ended down led by Amana Insurance, Gulf Union Insurance and United Cooperative fell between 4.8% and 4.4%.
On the flipside, 17 shares ended in the green, led by Arabian Pipes, which surged by 10% to SAR 21.4, its highest level since 11 January.
Translated by: Nada Adel Sobhi
