Saudi stocks continued their decline for the third session to lose 100 points, about 1.25 percent, and closed at 7952 points, to deepen its losses since the beginning of the year to 5 percent, while the "MT30" index decreased by 16 points 1.45 percent to close at 1093 points. A loss of eight thousand points increases the pressure on the market and continued trading below it will keep the sharpness of the decline high until the levels of 7660 points. Until now, the market did not find any incentive to buy, especially with the absence of the results of most companies, the decline in oil prices and the continuing concern about the implications of the Coronavirus.
Overall market performance
The general index opened at 8053 points, trading between high and low. The highest point was at 8085 points, gaining 0.40 percent, while the lowest point at 7890 points, losing 2 percent. At the end of the session, the general index closed at 7,952 points, losing 100 points, about 1.25 percent, and liquidity declined 6 percent by about 246 million riyals to reach 3.9 billion riyals, at a rate of 22,000 riyals per transaction, while traded shares decreased 11 percent by about 19 million shares to reach To 152 million shares traded, the turnover rate was 0.27%. As for deals, they fell 4 percent, by about 6.7 thousand deals, to reach 176 thousand deals.
The "energy" sector increased by 1.39%, followed by "medicines" 0.18%. While the decline was issued by "basic materials" by about 2.04%, followed by "banks" by 1.72%, and thirdly by "real estate management and development", by 1.72%.
The highest turnover was "banks" by about 21 percent at a value of 827 million riyals, followed by "energy" 19 percent at a value of 765 million riyals, and thirdly, "basic materials" 19 percent at a value of 746 million riyals.
High shares topped "FIPCO" by 6.6% to close at 32.30 riyals, followed by "Al-Jouf" by 5.6% to close at 26.55 riyals, and "Al-Hammadi" came 4% to close at 24.46 riyals. On the other hand, the decline was led by "Hail Cement", 5.6 percent, to close at 13.20 riyals, followed by "Medgulf Insurance", 5.5 percent, to close at 21.18 riyals, and thirdly, "Umm al-Qura Cement", 4.8 percent, to close at 27.60 riyals.
The highest turnover was "Aramco" with a value of 589 million riyals, followed by "Al-Rajhi" with a value of 304 million riyals, and thirdly, "Alinma" with a value of 303 million riyals.
* Economic Reports Unit