05/04/2011
Tadawul index down on profit-taking
Daily Market Commentary
Saudi Arabia's Tadawul All-Share Index (TASI) slipped 0.16 percent to 6,605.92 points as investors booked profits and look for bargains.The sector activity for the day was mixed with 10 out of 15 with loses ranging from 0.05 percent by the Energy & Utilities sector to 1.08 percent by the Agriculture & Food Industries sector.
The overall market breadth for the day was negative with 53 advancers against 75 decliners giving it an AD ratio of 0.70, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its daily market commentary.
The liquidity for the day reached SR5.26 billion.
"Market will not continue to just make gains unless there are more fundamentals. And right now, the fundamentals will be corporate earnings," said Hesham Tuffaha, Bakheet Investment Group head of asset management.
The index rose 10.5 percent in March. "Now is not a good time to take short or long-term positions," he added.
A Riyadh-based analyst quoted by Reuters said the top pick for emerging markets is Mobily. The telecom operator rose 12.3 percent in March.
Attractive petrochemical stocks include Advanced Petrochem, Yansab and SIPCHEM, he said.
