• Saudi stocks close below 8300 points due to pressure from "basic materials" and "banks"


    * Ahmed Al-Rasheed from Riyadh


    Saudi stocks fell for a second straight session to close at 8298 points, losing 43 points, 0.52 percent.

    The decline came under pressure from basic materials and banks.

    The continued decline of the market shows the strength of the levels of 8350 points, which the market failed to overcome despite repeated attempts for the past three months. This gives an indication that traders so far see the current levels fair.

    On the technical side, the market is still above the 21-day average, which keeps it within the short-term uptrend. The average now stands at 8220 points and it is important to maintain it so as not to enter the market in a profit-taking wave with a break.

    As the market approaches the end of the second quarter, attention shifts to financial results that will play a role in the market movement as well as the cash dividend season with quarterly and semi-annual dividends.


    Overall performance of the market

    The general index opened at 8342 points, and headed towards the lowest point at 8279 points, losing 0.75%.

    At the end of the session, it closed at 8298 points, losing 43 points by 0.52 per cent.

    Liquidity declined 664 million riyals by 20 per cent to reach 2.5 billion riyals, at a rate of 31,000 riyals per transaction.

    Traded shares fell 14 per cent by about 21 million traded shares to reach 124 million shares traded, a turnover rate of 0.24 per cent.

    Transactions fell 15 per cent by about 14,000 to reach 83,000 transactions.


    Sector performance

    Six sectors rose against the rest. The rise was led by "Transport" by 0.44%, followed by "Media" by 0.43% and "Commercial and Professional Services" by 0.3%.

    The decline was led by "utilities" by 2.5%, followed by "management and development of real estate" by 1.3%, and then "consumer services" by 1.1%.

    The highest turnovers were "Basic Materials" of 29% with a value of SR 732 million, followed by "Banks" by 22% with a value of SR 575 million and "Real Estate Management and Development" by 16% with a value of SR 414 million.


    Stock performance

    The rise was led by "Enaya" that was closing at SAR22.56, followed by "United Insurance" for the maximum closing at SAR14.22 and then "Al-Ahlia" by 8.6% to close at SAR12.06.

    On the other hand, the decline was led by "Takaful Al Rajhi" by 3.5 percent to close at SAR 63.20, followed by "Saudi Electricity" by 2.7 percent to close at SAR 21.10, and "Dar Al-Arkan" by 2.4 percent closing at SAR 10.42.

    The highest turnovers were "Dar Al-Arkan" with a 14 per cent stake of 356 million riyals, followed by "Alinma" with 13 per cent of SR 337 million and "SABIC" with 12 per cent of SR 299 million.​

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