• Despite the improved profitability of companies, Saudi stocks fall for the second week



    Saudi stocks fell for the second week in a row to close at 8107 points, a loss of 1.7%, under the pressure from most sectors.

    The declines come after the market reached high levels in terms of repeatability and even technical factors.

    The current declines so far appear to be minor as corporate profitability continues to improve, with the combined profits of 68 listed companies reaching SR 20 billion, 7 percent.

    Next week is the latest in the release of the first quarter financial results, as the continued improvement in corporate profitability helps the market return to levels of 8350 to 8450 points.

    The stability of the index above 8090 points at the end of the week strengthens the risk appetite due to the closure of the market in the green zone after four losing sessions, which maintained an average of 21 days that in turn reduces the selling pressure of stop-loss by speculators or short-term investors.


    Overall market performance

    The general index opened at 8248 points, as the market fell in four sessions and rose in a session.

    The highest point was at 8270, 0.38 percent, while the lowest point was at 8065 points, 2.2 percent,

    At the end of the week, it closed at 8,107 points, losing 141 points, 1.7 percent.

    Trading values declined by 5.9 percent by about 1.5 billions to reach 23.8 billion, 37.6 thousand.

     Traded shares fell 15 percent by about 183 million traded shares to reach 995 million shares traded, and the turnover rate was 1.9 percent.

    Deals fell 6 percent by about 44 thousand transactions to reach 632 thousand deals.


    Sector performance

    Three sectors rose against the rest.

    The rise was led by "Commercial and professional services" that rose 1.3 percent, followed by "Retail" of 1.1 percent and "Telecommunications" of 1 percent.

    The decline was led by "transport" of 5%, followed by "insurance" of 4.7% and "medicines" of 4.6%.

    The main turnovers were "Basic Materials" 33% with a value of 7.9 billions, followed by "Banks" 21% with a value of 5 billions and "Real Estate Management and Development" 13% with a value of SR 3.1 billion.



    Stock performance

    The rise was led by "Al Sagr Insurance" of 17 percent to close at SAR 28.81, followed by "SIIG" of 6.2 percent to close at SAR 27.03 and "Tihama" of 5 percent to close at SAR 50.58.


    The decline was led by "SEDCO Capital Reit" of 15 percent to close at SAR 8.52, followed by "Tawuniya" of 14 percent to close at SAR 72.10, and "Al Alamiya" of 12 percent to close at SAR 27.23.

    "SABIC" had the highest turnover of SR 4.1 billion (18 percent), followed by "Alinma" of 3 billion riyals (13 percent) and "Dar Al Arkan"  of 2.3 billion riyals (10 percent).


    * Economic Reports Unit​

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