TASI drops 0.88%; turnover hits SAR 3.7 bln

The Tadawul All Share Index (TASI) has closed Tuesday's session 0.9 percent lower, losing 62 points to 6,916 pts. Trading turnover hit SAR 3.7 billion.

Most traded stocks closed in the negative territory, led by blue chips SABIC and Al Rajhi Bank which declined by more than 1 percent to SAR 96.50 and SAR 62.50 respectively.

Aldrees fell around 3 percent to SAR 26.30 after it posted a 48 percent profit slump year-on-year (YoY) in Q1 2016 to SAR 14.6 million.

Tasnee, NADEC, Maaden, Riyad Bank and Mobily all finished trading today down by 1-4 percent.

Elsewhere, retailer Fawaz Al Hokair reached its daily limit today for the second straight session to record a three-month high of SAR 35.20. A total of 4 million of the company’s shares were traded.

Alandalus Property jumped more than 3 percent to SAR 20.55, driven by signing a memorandum of understanding (MoU) with NCB Capital to set up a new REIT.