17/10/2010
The Tadawul All-Share Index (TASI) lost 1.2 percent at 6,226.78 points, the lowest since Sept. 1.
The sector activity for the day was mostly negative with 11 losing sectors against 4 gaining sectors. The losing sectors ranged from 0.07 percent by the Banks & Financial Services sector to 3.42 percent by the Petrochemical Industries sector. On the other hand the gaining sectors for the day ranged from 0.05 percent by the Agriculture & Food Industries sector to 0.91percent by the Insurance sector. The overall market breadth for the day was negative with 30 advancers against 103 decliners giving it an AD ratio of 0.29, the Financial Transaction House (FTH) said in its daily market commentary.
The liquidity for the day reached SR2.59 billion.
Saudi Basic Industries Corp. (SABIC), the world's largest petrochemical maker, National Industrialization Co., Arab National Bank and Saudi British Bank led the market lower.
SABIC was down 3.06 percent while its affiliate Yansab sheds 4.73 percent, in a first reaction to its announcement after Wednesday's close of a SR356.2 million net profit for the third quarter against a SR7 million loss a year earlier.
SABIC is due to announce its quarterly earnings before Wednesday. The Saudi bourse closes Thursdays and Fridays.
Petrochemical maker National Industrialization fell 4.10 percent to SR30.40, the steepest drop since June. Two units of the company on Saturday agreed to build a SR4 billion plastics plant.
Methanol Chemicals Co., a producer of methanol derivatives also known as Chemanol, dropped 9.9 percent to SR14.15 after reporting a third-quarter loss
