16/05/2010
TASI plunges 2.28% losing 152 points in the first week's sessions
TASI started the first week's sessions by losing 152 points
The Tadawul All-Share Index (TASI) declined 2.28 percent to 6,539.36 points after the heavyweight petrochemicals index dropped 4.4 percent.
Petrochemicals stocks led the Saudi bourse lower after concerns that Europe's debt woes will curb energy demand growth drag down oil prices to three-month lows.
Accounting for almost a third of the day's traded turnover, petrochemical giants Saudi Basic Industries Corp. (SABIC) and its affiliate Saudi Kayan Petrochemical Company shed 5.07 and 5.7 percent respectively.
The sector activity for the day was negatively biased with all sectors closing with losses ranging from 0.71 percent by the Energy & Utilities sector to heavy weight loser of 4.39 percent by the Petrochemical Industries sector.
The overall market breadth for the day remained strongly negative with only 14 advancers against 122 decliners giving it an AD ratio of 0.11, the Financial Transaction House (FTH) said.The value of traded shares crossed over SR3.90 billion on Saturday
