Large caps weigh down stock market

The Saudi stock market recorded mild losses (-0.32 percent) on Tuesday, reflecting the double bottom.

The benchmark Tadawul index closed lower to 9,558.89, shedding more than thirty points. It plunged to a maximum decline of 1.22 percent during earlier Tuesday.

Large cap (-0.8 percent) suffered worst of market cap indices, the GulfBase said in its market commentary.

Saudi sector indices performed in a mixed fashion, with six sectors accumulating an aggregate of 312.7 points and nine sectors paring 671.6 points collectively.

The losses made by the Telecom (-3.03 percent) and Energy (-2.28 percent) being offset by rise in Media (+2.56 percent) and Real Estate (+0.68 percent).

Most of heavy weights closed in red, with Saudi Electricity Company dipping by 2.68 percent, Samba Financial Group 1.68 percent and Almarai Co. 1.67 percent. However, NCB witnessed a positive change, advanc- ing 1.1 percent to SR 68.76.

The market breadth was almost balanced with 76 issues witnessing advances against 75 issues recording declines.

Saudi Land Transport Co. — MUBARRAD came out as key gainer among all Saudi stocks, reflecting an increment of SR 4.19 or 9.81 percent.

The company volume went 6 times high compared to previous level.

Saudi Printing & Packaging Co. marked its eighth consecutive win on Tuesday, surging 6.47 percent further. Again share price of BUPA Arabia for Cooperative Insurance raced to a fresh all-time high of SR226, up 5.21 percent for the session.

On the other side of the spectrum, Etihad Etisalat Co. (Mobily) became the biggest loser of the day, down 7.2 percent.

Market activity was 10 percent low as compared to previous day but still it remained above the 50-day average level.

More than 365 million shares worth SR10 billion changed hands on the Saudi stock market.