TASI heads south weighed down by large caps

JEDDAH — Saudi Arabia’s stock benchmark Tadawul All Share Index lost 0.11 percent Wednesday to close at 6,953.59 points, weighed down by large caps. Early in the day, it touched a five-week high.

Heavyweight Saudi Basic Industries dipped 0.6 percent and Etihad Etisalat slipped 0.4 percent.

Banks were mixed, with Al Rajhi Bank gaining 0.3 percent, SABB up 0.9 percent and Banque Saudi Fransi rising 1.2 percent. However, Arab National Bank dropped 2 percent, with Riyad Bank down 0.2 percent.

Volumes have held up well despite the traditionally quiet holy month of Ramadan. “Trading volumes have picked up this month, which is unusual for mid-Ramadan - it may be people taking positions before the market closes for the Eid holiday,” said Tariq Alalaiwat, equity research analyst at NCB Capital.

The Saudi market still looks attractive, Alalaiwat added, backed by its strong economy.

Elsewhere, Dubai’s index continued its slide from Sunday’s 13-week high, slipping 0.1 percent to 1,556 points. In Abu Dhabi, the index advanced 0.1 percent to 2,514 points. — SG