Ahmed Al-Rasheed from Riyadh
Saudi stocks rose again and compensated for most of the losses achieved during the past two sessions and regained the eight thousand point barrier to close at 8,021 points with 156 points gains of about 1.99 percent, registering the best daily performance since the end of May. While the MT30 index, which measures the performance of the blue-chips, increased 18 points, about 1.7 percent, to close at 1073 points. Collectively, sectors rose, with most stocks ending the session higher. And the speculative tendency in the market returned, with a number of companies registering a maximum increase. It was indicated in the previous report about the market’s endeavor to restore the level of eight thousand points, but it will face resistance up to 8090 points, and in the current circumstances, it will find it difficult to overcome it with the remaining opportunity for the return of selling pressures to it, especially with the decline of liquidity below seven billion riyals and the increase of profitability Corporate profitability declined, while support levels were at 7750, followed by 7,500 points.
Overall market performance
The general index opened yesterday's session at 7874 points, and headed towards the highest point in the session at 8,032 points, winning 2.14 percent. At the end of the session, it closed at 8,021 points, winning 156 points, or 1.99 percent. Liquidity increased 34 percent by about 1.7 billion riyals to reach 6.8 billion riyals, while traded shares increased 33 percent by about 76 million shares to reach 305 million shares traded, and deals rose 15 percent by about 43 thousand deals to reach 320 thousand deals.
All sectors rose, led by “applications and technology services” by about 5.4 percent, followed by “investment and financing” by 5.1 percent, and by “capital goods” by 3.9 percent.
The highest turnover was "basic materials" by about 21 percent with a value of 1.4 billion riyals, followed by "insurance" by about 15 percent with a value of one billion riyals, and thirdly, "food production" by about 10 percent with a value of 685 million riyals.
The higher shares were led by "Al-Ittihad" for the maximum to close at 20.90 riyals, followed by "Red Sea" by 9.99 percent to close at 19.60 riyals, and by "Tihama" by 9.98 percent to close at 46.85 riyals. On the other hand, the decline was led by "Al-Maather REIT" by 0.97 percent to close at 9.21 riyals, followed by "SEDCO Capital REIT" by 0.78 percent to close at 8.87 riyals, and by "SADAFCO" by 0.12 percent to close at 168.80 riyals. The highest turnover was "fish" with a value of 355 million riyals, followed by "Saudi cables" with a value of 301 million riyals, and "Al-Rajhi" with a value of 301 million riyals.
Economic Reports Unit