Saudi stocks returned to profitability after four losing sessions, to close at 8846 points, gaining 17 points by 0.2 percent, while the MT30 index, which measures the performance of the blue-chips, increased two points by 0.19 percent. The rise came amid the rise of most sectors and stocks, to keep the market on support levels at 8,800 points, which is trading an average of 21 days. The continuation of the market consolidation at the current levels keeps chances of the market returning to profitability and trying to reach 9000 points. The market found support with the announcement of the strategy of the Public Investment Fund to spend at least 150 billion riyals annually within five years, targeting several sectors in the local economy, raising the fund's value to four trillion riyals, creating 1.8 million jobs directly and indirectly, and contributing to the GDP. Non-oil, worth 1.2 trillion riyals.
Overall market performance
The general index opened yesterday's session at 8838 points, and headed towards the highest point in the session at 8872 points, winning 0.49 percent. At the end of the session, it closed at 8,846 points, winning 17 points, about 0.2 percent. Liquidity declined 6 percent by about 358 million riyals, to reach 5.6 billion riyals. While traded shares fell 14 percent by about 27 million shares to reach 168 million traded shares, as for the deals, they fell 10 percent by about 25,000 deals to reach 249,000 deals.
Six sectors retreated against the height of the rest. The decline was led by "Energy" by 0.5 percent, followed by "Investment and Finance" by 0.38 percent, and "Media and Entertainment" by 0.28 percent. While the rise was led by “communications” by 0.87 percent, followed by “applications and technology services” by 0.75 percent, and by “splitting luxury goods” by 0.71 percent.
The highest turnover was "basic materials" by about 17 percent, at a value of 960 million riyals, followed by "insurance" by about 15 percent with a value of 825 million riyals, and "banks" by about 10 percent with a value of 538 million riyals.
The rising shares were led by "Baazeem" by 5.9 percent to close at 112 riyals, followed by "Al-Tameer" by 3.4 percent to close at 18.20 riyals, and by "Inaya" by 2.96 percent to close at 38.30 riyals. On the other hand, the decline was led by "JAZADCO" by about 3 percent to close at 18.86 riyals, followed by "Al-Omran" by 2.4 percent to close at 113.80 riyals, and by "Al-Rajhi Takaful" by about 2.2 percent, to close at 87 riyals.
The highest turnover was "Sadr" with a value of 307 million riyals, followed by "Al-Ahly" with a value of 175 million riyals, and "Baazeem" with a value of 169 million riyals.
Economic Reports Unit