• After a wave of gains, profit taking declines in Saudi stocks below 8700 points


    *Ahmed Al-Rasheed from Riyadh


    Saudi stocks fell 61 points, or 0.7 percent, to close at 8647 points, and the market value fell 15 billion riyals to almost 2.05 trillion riyals.

    The index "MT 30" declined by 0.81 percent to close at 1278 points, losing ten points.

     In previous reports, 8720-8800 points were mentioned as a resistance area and it is difficult for the market to overcome them in light of the high level of profitability and the absence of many corporate results.

    The decline has not yet reached levels of concern to dealers and remain in the range of natural profit after a wave of rise.

    The levels of 8600 points support in today's session, while it is important to maintain the support area 8550-8,500 points during the week so that the market remains able to return to profitability and enter a wave of rise.


    Overall market performance

    The general index opened at 8708 points, and headed towards the lowest point at 8643 points, losing 0.75%.

    At the end of the session, the index closed at 8647 points, losing 61 points, or about 0.7%.

    Liquidity declined 10 percent by about 300 million riyals to 2.4 billion riyals.

     The average value of the deal is 25 thousand riyals.

    While the traded stocks fell 3% by about three million shares to reach 115 million shares, and the turnover rate was 0.21%.

     The deals fell 8 per cent to reach 97,000 deals.


    Sector performance

    The "Real Estate Funds" sector rose alone by 0.03%.

    The decline was led by "Insurance" by1.4%, followed by "Media & Entertainment" by 1.4%, and "Basic Materials" by 1.2%.

     The "Basic Materials" category was the most heavily traded issue at 28% that valued at SR 680 million, followed by "Real Estate Management and Development" by 8%.


    Stock performance

    The rise was led by "Wafra" for the maximum to close at 16.64 riyals, followed by "Al-Yamamah Steel" by 3 per cent to close at 19.84 riyals, and then "Anaam International" by 2.3% to close at 12.64 riyals.

    In contrast, the decline was led by "Saudi Kayan" by 4.6 percent at SAR 14.02, followed by "Al-khabeer REIT" by 4.3% to close at 9.76 riyals, and "Zamil Industrial" with a 4% closing at SAR 18.50.

    The highest turnovers were "Al-Rajhi" worth 247 million riyals, followed by "Saudi Kayan" worth 212 million riyals, and the third "Alinma" of 172 million riyals.


    * Economic Reports Unit​

© All Rights Reserved for Asharqia Chamber