Saudi stocks fell 24 points yesterday, or 0.31 percent, after two sessions of the rise, to close at 7982 points, while the "MT30" index fell six points, 0.6 percent, to close at 1092 points.
The decline in the index came despite the rise of most sectors, but the decline in the telecommunications and banking sectors put pressure on the general index, and the decline comes with basic pressure from the leading stocks. This is evident from the decrease of the MT30 index by a percentage greater than the general index. Technical performance is still not encouraging for the market, as it was unable to overcome an average of 21 days at 8027 points, while the fundamentals did not change in light of the expectation of dealers annual results of companies and cash distributions and developments of "Corona" and "OPEC" meeting early next month.
Overall market performance
The general index opened at 8007 points, trading between high and low. The highest point was at 8015 points, gaining 0.1 percent, while the lowest point at 7953 points, losing 0.67 percent. At the end of the session, the index closed at 7982 points, losing 24 points, or 0.31 percent.
Liquidity decreased by 21 percent by about 823 million riyals to reach three billion riyals, at a rate of 22 thousand riyals, while traded shares decreased 17 percent by about 25 million shares to reach 122 million traded shares, and the turnover rate reached 0.22 percent. As for deals, they fell 18 percent, by about 29,000 deals, to reach 132,000 deals
Seven sectors fell against the rise of the rest. The decline was led by "public utilities" by about 1.84 percent, followed by "communications" by 1.57 percent, and thirdly by "banks" by 0.88 percent.
Whereas, the rise in "applications and technical services" is 2%, followed by "health care", 1.6%, and "long-term goods" is 1.13%.
The highest turnover was "banks" by about 20 percent at a value of 603 million riyals, followed by "basic materials" 18 percent at a value of 543 million riyals, and thirdly, "energy" 15 percent with a value of 437 million riyals.
High shares topped the "tender" by about 6.2 percent to close at 39.30 riyals, followed by "tubes" 4.6 percent to close at 14.60 riyals, and thirdly, "Jaco" 4.2 percent to close at 12.90 riyals. On the other hand, the decline was led by "Azim" by about 2.87 percent to close at 40.65 riyals, followed by "Northern Cement" 2.33 percent to close at 12.60 riyals, and then "Saudi Electricity" 2.2 percent to close at 17.08 riyals.
The highest turnover was "Aramco" with a value of 384 million riyals, followed by "Al-Rajhi" with a value of 271 million riyals, and thirdly, "Alinma" with a value of 189 million riyals.
* Economic Reports Unit