Saudi Arabian equities finished the trading session lower on Tuesday as losses in several economically sensitive sectors pushed the main index to its weakest close in a month.
Index movement - The Tadawul All Share lost 0.75% by the close, settling at a new one-month low.
Top gainers - A handful of names posted strong advances. Consolidated Grunenfelder Saady Holding Co (TADAWUL:4147) led the risers with a 6.47% increase, adding 0.48 points to finish at 7.90. Al Dawaa Medical Services Co (TADAWUL:4163) gained 6.28%, a rise of 2.94 points to close at 49.74, and Saudi Enaya Cooperative Insurance (TADAWUL:8311) rose 4.06% or 0.45 points to end the session at 11.54.
Heaviest declines - Losses were concentrated in several large names. Red Sea Housing Services Company (TADAWUL:4230) fell 5.91%, down 1.62 points to close at 25.80. Saudi Research and Marketing Group (TADAWUL:4210) dropped 5.06%, slipping 4.20 points to 78.80, while Saudi Ground Services Co (TADAWUL:4031) declined 4.56% or 1.46 points to finish at 30.54.
Market breadth and new highs - Declining issues outnumbered advancers by a wide margin, with 255 stocks down versus 79 that rose; 20 shares finished unchanged. Saudi Enaya Cooperative Insurance (TADAWUL:8311) reached a 52-week high in the session, advancing 4.06% to 11.54.
Commodities and currencies - Commodity markets moved in tandem with the equity sell-off. Crude oil for June delivery dropped 3.12% or $3.32 to $103.10 a barrel. Brent for July delivery fell 2.15% or $2.46 to $111.98 a barrel. In precious metals, the June Gold Futures contract rose 0.98% or $44.64 to trade at $4,577.94 a troy ounce.
Exchange-rate measures showed little change: EUR/SAR was unchanged 0.06% to 4.39, while USD/SAR was unchanged 0.01% to 3.75. The US Dollar Index Futures was trading up 0.12% at 98.38.
Session takeaway - The market closed with broad downside participation, driven by losses in Media & Publishing, Hotels & Tourism and Industrial Investment groups and accompanied by a decline in crude benchmarks. While a few stocks posted double-digit percentage moves, the overall market tone was negative, reflected in the TASI's one-month low.
Data snapshot
- Tadawul All Share -0.75% (new 1-month low)
- Top gainer: TADAWUL:4147 +6.47% to 7.90
- Top gainer: TADAWUL:4163 +6.28% to 49.74
- Top gainer: TADAWUL:8311 +4.06% to 11.54 (52-week high)
- Top decliner: TADAWUL:4230 -5.91% to 25.80
- Top decliner: TADAWUL:4210 -5.06% to 78.80
- Top decliner: TADAWUL:4031 -4.56% to 30.54
- Decliners vs advancers: 255 vs 79 (20 unchanged)
- Crude (June) -3.12% to $103.10/bbl; Brent (July) -2.15% to $111.98/bbl
- Gold (June futures) +0.98% to $4,577.94/oz
- EUR/SAR unchanged to 4.39; USD/SAR unchanged to 3.75
- US Dollar Index Futures +0.12% at 98.38