Complex Made Simple

Saudi shares trim summer advances

Riyadh-listed stocks lost across the board on Monday, sending the Tadawul All-Share Index 0.93% lower to 8,054.65 points. During the trading session, data from the U. S. showing that durable goods orders in the world's largest economy retreated more than expected in July, weighing on the sentiment. On the global market outlook, BNY Mellon said earlier in the day that "Paper losses could become a drag on confidence, and begin undermining consumer spending this fall, just as the U. S. Federal Reserve begins to tighten monetary policy." In Riyadh, market bellwether Sabic dipped 1.28% to SR96.50. ACE Cooperative Insurance Company gained against the sluggish trend, closing 0.77% higher at SR65.25. ACE Coop said in a filing to the exchange, the Saudi Arabian Monetary Agency (SAMA) has approved 25 ACE insurance products for six months, starting from Sep. 12 2013 on. Market breadth remained bearish as 22 shares advanced in value, while 126 declined.