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Business News Details
Saudi stocks reduces half of their losses at the end of the week
Saudi shares dropped in their weekly session to lose 100 points and close at 6,910 points, reducing almost half of the losses at the end of the week.
The market maintained 6800 points, which is an important area. Trading below these levels could push the market into a sharp downtrend driven by stops.
The recent sessions do not give a clear direction to the market, as they come in slight movements up or down, reflecting the state of confusion in the dealers.
47 companies did not disclose their third quarter results, which showed a 15 per cent growth in profit.
There are still many companies not yet announced and are expected to have an impact on the market.
The market witnessed remarkable moves in the cement sector following the announcement of the city of Neum, a sector that did not interact with previous mega projects such as the Red Sea or Qadiyeh. It finally reacted with Neum, but this interaction did not make the sector perform better.
At the end of the week and did not capture a larger share of liquidity, which may make it a speculative movement that will not last as the sector revenues have declined sharply over the past period.
The technical situation remains negative with the market trading below the ascending trend and the 200 day average, but maintaining 6800 points remains a little optimistic and allows the market to interact with the results of companies if they appear, especially in light of the lack of impact of oil prices on the local market where the relationship between them reversed
The index opened its weekly session at 7011 points, rose in two sessions and fell in the rest.
The highest point was 7031 with gains of 0.3 percent, while the lowest point at 6819 points lost 2.7 per cent. At the end of the week, the index closed at 6,910 points, losing 100 points, or 1.4 per cent.
Trading values dropped by SR470 million, or 4 percent, to SAR 12.3 billion, or SAR 33,000.
While traded shares rose by 8% by 50 million shares traded to 678 million shares traded turnover rate of 1.3%.
The deals rose 3 per cent by 11,000 to 370,000.
All sectors except Food Divisions rose by 1 percent.
Telecommunications was down 8 percent, followed by Media by 5 percent and Retail Luxury by 4.3 per cent.
The highest turnover was "Banks" with a value of SR 3.7 billion, followed by "Basic Materials" by 27% to SR3.3 billion and "Real Estate Management and Development" by 10%.
The market traded 176 shares. Tabuk Cement rose 23 percent to SAR 12.94, followed by Medgulf Insurance by 15 percent to SAR 31.45. Jouf Cement fell 13 per cent to SAR 8.09.
Zain KSA dropped 19 per cent to SAR 6.35, followed by German German by 16 percent to SAR 52.14.
Enma was the most heavily traded issue with 2 billion riyals at 16 percent, followed by SABIC with SR 1.3 billion at 10 percent and Al Rajhi by 9 percent to close at SR1 billion.
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