• Saudi stocks break a three week loss with 125 points


    ​         SAUDI ARABIA (Reuters) - Saudi Arabia broke its weekly three week losing streak to end the week with gains of 125 points, 1.8 percent, and retracing the 7,000 point barrier to close above three points.
    In the previous reports, the market was characterized by positive factors supporting the rise. With the profitability of companies that achieved in the third quarter improved profits collected from the highest historically, and the extension of the financial balance which relieves pressure on the private sector through gradual lifting of support, positive figures in the general budget, as the deficit declined as revenues rose, oil prices improved, and the market showed an improvement in performance last week, and the purchasing wave continued throughout the week.
    Stability above the 7000 points point at the end of the week to regain the average 200 days, which will enter the market in a rising wave with the return of confidence due to improved market performance and increased risk appetite, which will push the index to levels at least 7200 points.
    The market may be subject to selling pressure at the beginning of the week as the market rose for seven straight sessions, the longest in ten months and remains at 6930 points, the support point.

    Market performance

    The general index opened at 6878 points, rose in all sessions and did not achieve weekly losses, rising to a high of 7004 points, gaining 1.8% and closing at 7003 points, winning 125 points, or 1.8%.
    The value of trading rose by about 4 billion riyals by 32 per cent to reach 17 billion riyals, and the average value of the deal is 38 thousand riyals. While traded shares rose 201 million shares by 29 per cent to 893 million shares traded, and the turnover rate was 1.7 per cent. Deals rose by 61,000 transactions, up 16 per cent to 448,000.

    Sector performance

    All sectors rose, followed by Food Production (6.6 percent), Consumer Services (5.6 percent) and Energy (4.9 percent). The highest turnover was "Banks" by 26 percent, with a value of 4.5 billion riyals, followed by "basic materials" by 25 percent, with a value of 4.2 billion riyals.

    Stock performance

    The market traded 178 stocks, while Dar Al Arkan rose 15 percent to SAR 9.52, followed by Makkah by 13 percent to SAR 80.42.
    SABB fell 3.3 percent to SAR 26.78, followed by Fitihi Group by 3.3 percent to SR12.18. Nadec ended the day with 2.3 percent closing at SAR 32.6. Enma was the most heavily traded issue with a value of SR3 billion, 18 percent, followed by SABIC at 15 percent and SAR 4.5 billion, and Dar Al Arkan third with 14 percent, worth 2.4 billion riyals.

© All Rights Reserved for Asharqia Chamber