TASI declines; Banks registering losses
Saudi Basic Industries Corp. (SABIC) saw its biggest drop since Nov. 23, weighing on the index..SABIC fell 1.3 percent and the index lost 0.8 percent.
After markets closed, SABIC reported a 27-percent rise in fourth-quarter net profit, meeting forecasts, on higher prices of petrochemical and plastics products.
Saudi banks also registered losses, led by Samba Financial Group which fell 1.2 percent.
The Tadawul All-Share Index (TASI) fell 0.78 percent to 6,715.64 points. The sector activity for the day was all negative except one gaining sectors. The losing sectors ranged from 0.37 percent by the Cement sector to 2.52 percent by the Media and Publishing sector. On the other hand the gaining sector for the day was the Banks & Financial Services sector with 0.03 percent. The overall market breadth for the day was negative with 20 advancers against 113 decliners giving it an AD ratio of 0.17, the Financial Transaction House (FTH) — licensed by the Capital Market Authority (CMA) — said in its daily market commentary..However;The stock market turnover reached SR3.58 billion on Tuesday.
Elsewhere; in Abu Dhabi's Aldar Properties rebounded after hitting a five-month low on Monday to rise 3.5 percent. The developer confirmed guidance that it expects to post a profit in 2011.
The Dubai index rose 0.8 percent to 1,62
The Kuwaiti index gained 0.04 percent to 6,915 points.
The Qatari index added 0.4 percent to 9,199 points.
The Omani index slipped 0.2 percent to 7,006 points.
The Bahrain index dropped 0.4 percent to 1,426 points.