• Saudi stocks continue to rise for the fourth session ... Correction fears lose a third of the gains


    ​Saudi stocks rose for the fourth session to close at 8,688 points, winning 52 points by 0.61 percent, while the MT30 index increased ten points by 0.95 percent to close at 1160 points. The rise came amid a variation in the performance of sectors and stocks. However, the outperformance of the leading stocks contributed to achieving new levels in the index despite the variation in performance. The market is trading at its highest levels since August 2019, and the positive performance has not been significantly reflected in market activity, as it has not recorded a noticeable activity in liquidity or a noticeable improvement in the pace of rising, but the market lost about a third of the gains achieved during the session, which shows a weak demand for The market and the decline in risk appetite, as the increase in profitability repercussions, declining returns, and the high uncertainty about the profitability of companies in light of the pandemic and its developments seem to dampen the speculative tendency, as the risks of price decline and correction have become a concern of dealers.

    Overall market performance

    The general index opened yesterday's session at 8,667 points, and headed towards the highest point in the session at 8,721 points, winning 0.99 percent. At the end of the session, it closed at 8,688 points, winning 52 points, about 0.6 percent. Liquidity increased 3 percent by about 356 million riyals to reach 14 billion riyals, while traded shares increased 8 percent by about 37 million shares to reach 533 million shares traded, and deals rose 7 percent by about 38 thousand deals to reach 559 thousand deals.

    Sectors performance

    11 sectors rose against the decline of the rest. The rise was led by “public utilities” by 2.9 percent, followed by “investment and financing” by 2.6 percent, and by “banks” by 1.1 percent. While the decline was led by "medicines" by 2.2 percent, followed by "applications and technology services" by 1.9 percent, and by "media and entertainment" by 1.2 percent.
    The highest turnover was "basic materials" by about 22 percent with a value of 3.1 billion riyals, followed by "insurance" by 11 percent with a value of 1.6 billion riyals, and thirdly, "food production" by 8 percent with a value of 1.1 billion riyals.​

    Stock performance

    The rising shares were led by "Abu Moati" by about 10 percent to close at 46.20 riyals, followed by the "Saudi return" by 9.9 percent to close at 13.30 riyals, and by "Raydan" by 9.9 percent, to close at 31.60 riyals. In contrast, the decline was led by "Anaam Holding" by 4.2 percent to close at 183 riyals, followed by "Al-Waha" by 3.7 percent to close at 75 riyals, and by "Shams" by 3.1 percent to close at 71.60 riyals. The highest turnover was "Abu Moati" with a value of 637 million riyals, followed by "Al-Asmak" with a value of 591 million riyals, and the third solution was "metal" with a value of 530 million riyals.

    Economic Reports Unit​

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