TASI falls below 7,000-mark; Al Tayyar dives 5%

Saudi Arabia’s Tadawul All Share Index (TASI) retreated below the 7,000-mark on Sunday, starting the week 0.7 percent lower at 6,968 points. 

Volumes traded amounted to SAR 3.8 billion, while the advance/decline ratio stood at 38/128 by the end of the session.

Al Tayyar Travel Group was the top decliner for the day, dropping 5.1 percent to SAR 33.4. The company denied reports on Thursday that it had inked deals with Hajj and Umrah operators in Indonesia during King Salman’s 9-day visit to the country. 

In the insurance sector, Al Sagr Cooperative Insurance Co. shed 3.9 percent to close at SAR 41. The insurer’s board has proposed a 20 percent cash dividend (SAR 2 per share) for fiscal year 2016.

Meanwhile, Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) rose nearly 2 percent to SAR 25. The company received on Thursday regulatory approval to issue new auto insurance policies and renew existing ones, starting today.

The banking sub-index closed 0.6 percent lower, with heavyweight Al Rajhi Bank declining 0.4 percent to SAR 63.5.

The materials sector also ended in the red, with blue-chip SABIC down 0.2 percent at SAR 97.

Elsewhere, Middle East Healthcare Co. (MEAHCO) rose 0.4 percent to SAR 70.25. The company, which owns and operates the Saudi German Hospital brand, sealed on Thursday an Islamic Tayseer facility at a total value of SAR 100 million with National Commercial Bank.

MEAHCO’s board has also recommended a 20 percent cash dividend for fiscal year 2016.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com