Saudi stocks rose 66 points to regain levels of 8500 by about 0.79 percent, closed at 8501 points, while the MT30 index, which measures the performance of the blue-chips, increased eight points by about 0.77 percent. The rise came with the support of most sectors and stocks. The market is still not out of the range of volatility last Tuesday's session, but it remains close to its highest levels for this year at 8614 points, and the current region is a technical resistance level as long as the market was subjected to selling pressure there within a year. Exceeding current levels reveals the extent of the strong liquidity buying, which enhances risk appetite, and keeps the index on an upward path. On the other hand, the basic factors are still not encouraging in light of the increase in the multiplications of profitability, the decline in the profitability of the companies, and the high uncertainty regarding the profitability of companies during the coming period under the current circumstances.
Overall market performance
The general index opened the session yesterday at 8,454 points, and headed towards the highest point at 8,507 points, winning 0.86 percent. At the end of the session, it closed at 8,501 points, winning 66 points, about 0.79 percent. Liquidity rose 34 percent by about 3.7 billion riyals to reach 14.8 billion riyals, while traded shares increased 32 percent by about 110 million shares to reach 456 million shares, and deals rose 23 percent by about 104,000 deals to reach 549,000 deals.
Four sectors declined against the rise of the rest. The decline was led by “applications and technology services” by 2 percent, followed by “food segmentation” by 0.5 percent, and the third by “media and entertainment” by 0.4 percent. On the other hand, the rise was led by “public utilities” by 4.8 percent, followed by “long-term goods” by 4 percent, and “investment and financing” by 2.78 percent.
The highest turnovers were "food production" by about 18 percent with a value of 2.6 billion riyals, followed by "basic materials" by about 15 percent with a value of 2.2 billion riyals, and the third solution for "insurance" by 11 percent with a value of 1.7 billion riyals.
The highest gainer was led by "Al-Omran" by about 10 percent to close at 101.20 riyals, followed by "ACIG" by about 10 percent to close at 47.30 riyals, and by "Saudi Pipes" by 9.99 percent to close at 24.66 riyals. On the other hand, the decline was led by "Anaam Holding" by 9.96 percent to close at 182.60 riyals, followed by "Wafra" by 6.7 percent to close at 139 riyals, and by "Arab Sea" by 3.5 percent to close at 97.70 riyals.
The highest turnover was "fish" with a value of 1.3 billion riyals, followed by "Tihama" with a value of 708 million riyals, and "Saudi cables" with a value of 559 million riyals.
Economic Reports Unit