* Ahmed Al-Rasheed from Riyadh
Saudi stocks continued the decline for the second week in a row, closing at 8,253 points, down 1.4% at 114 points.
The decline came amid the decline of most sectors, especially the leading, which pressed on the market during the week.
In a previous report, it was noted that an average loss of 21 days and 8350 points would expose the market to further losses.
These losses are likely to rise, as the market does not return to the bullish trend as it lost during the past week, especially in light of its weak interaction with the positive results of companies.
A total of 100 companies have reported their financial results so far, which is showing a growth of almost 26 per cent with earnings reaching almost SAR 30 billion, with all the results of banks and most of the leading companies in the market in the petrochemicals and telecommunications sectors were emerging.
The current declines may extend to 8200-8150 points, and a break of 8150 points will expose the market to selling pressures that will further ease the decline to break the 8000 levels. While, the resistance was at 8350 points, as trading is higher than it, which will restore risk appetite and that to improve the performance of the general index.
Overall market performance
The general index opened at 8,367 points, rising in session and retreating in the rest. The highest point was at 8372 points, 0.06 per cent, while the lowest point was at 8232 points, losing 1.6 per cent,
At the end of the week, it closed at 8,253 points, losing 1.36 percent by about 114 points.
Trading values rose 17 percent by about 2.6 billion riyals to reach 18 billion riyals, or 39,000 riyals per transaction. Traded shares rose 11% by about 68 million shares to reach 686 million shares, and the turnover rate was 1.3%.
Deals rose 8 per cent by about 33,000 to reach 470,000 deals.
Sector performance
Four sectors rose against the decline of the rest.
The rise was led by "Media" by 4.3 per cent, followed by "long-term goods" by 1 per cent and "food production" by 0.5 per cent.
The decline was led by "Public utilities" that dropped by 7.3 per cent, followed by "health care" by 6.3 per cent and "Fragmentation" by 5 per cent.
The highest turnovers were "Basic Materials" (43%) valued at SR 7.8 billion, followed by "banks" (31 per cent) at a value of 5.7 billion riyals, and then "Insurance" (6 %) at a value of 1 Billions.
Stock performance
The rise was led by "AXA Cooperative" of 16 per cent to close at SAR 22.58, followed by "Al-Rajhi Takaful" of 11 per cent to close at SAR 57.40 and "Chemanol" of 10.9 per cent to close at SAR 12.04.
The decline was led by "Dallah Health" by 16 per cent to close at SAR 74.10, followed by "Wafa Insurance" by 15 per cent to close at SAR 11.42 and "Nama Chemicals" by 14 per cent to close at SAR 26.25.
"SABIC" was the most heavily traded issue with a value of SAR 4.7 billion, followed by "Alinma" that worth 4.1 billion riyals, and "Saudi Kayan" with a value of 853 million riyals.
* Economic Reports Unit
