03/05/2010
Index remained over 6900 point despite the majority declines
Saudi Arabia's index slipped 0.14 percent, having been less than a point from a new 18-month intraday high to give up some of Saturday's oil-driven gains. Analysts said the uptrend remained intact.
The Tadawul All-Share Index (TASI) closed at 6,907.34 points. The sector activity for the day remained widely negative with 13 out of 15 sectors closing with losses. The losing sectors ranged from Banks & Financial Services with 0.02 percent to Energy & Utilities sector with 0.83 percent of loss.
On the other hand the two gaining sectors were namely Industrial Investment and Insurance with gains of 0.53 percent and 1.07 percent respectively. The overall market breadth for the day was also negative with losses of 58 advancers against 64 decliners giving it an AD ratio of 0.90, the Financial Transaction House (FTH) said in its daily market commentary.
"Investors are coming back to the market and we can see that in the volume and turnover, which are at levels we haven't seen since 2009,".
Some analysts believe that the Saudi market will remain shifting in the same path in the coming period.
As for the Gulf markets this week, Manama, Muscat, Kuwait increased, Bahrain Index l rose up to 0.7%, while Dubai market declined by 0.9%, affected by the announcement made by some companies either for loss of in the first quarter of the current year or the issuance of negative news to investors such as non-distributed profits.
