Market continues its declines for the second session and liquidity reaches 2.9 billion riyals
Saudi Arabia's Tadawul All-Share Index (TASI) slipped 0.05 percent, taking its losses to 14.5 percent since April 26's 18-month high. The index closed at 5,924.59 points. On the sector front, 7 sectors saw negative closes, whereas 8 sectors managed to close with gains.
Declining sectors ranged from a loss of 0.10 percent in the Banks & Financial Services sector, to a loss of 1.85 percent in the Insurance sector. Gains on the other hand ranged from 0.04 percent in the Real Estate Development sector, to a gain of 2.49 percent in the Energy & Utilities sector. Overall market breadth is still negative, with 56 advancers and 63 decliners recording an AD ratio of 0.89, the Financial Transaction House (FTH) said in its daily market commentary.
Saudi Basic Industries Corp. (SABIC) fell 1.5 percent, declining for a fourth day on worries a debt crisis in the euro zone would harm a global economic recovery and, with it, demand for petrochemical products.
Saudi Electricity Co. shares rose 3 percent, gaining for a second day since saying it would raise tariffs for government, commercial and industrial users as of July 1.