• Saudi stocks return to profitability with slight gains


    ​         Saudi stocks gains rose 14 points to close at 6948 points. The rise was supported by the banking sector led by Al Rajhi. Despite the success of the companies' disclosures and their intensiveness, especially the companies that influence the market, we did not find any change in the volatility of the market. Most of the trading sessions were within the scope of the October 12 session, indicating that the market is in a horizontal direction despite the rise in oil and corporate announcements. To show that traders so far have not found incentive factors to pump their investments in the market, which is of concern, especially when many companies are trading below their book value, including shares of cash dividends, and even shares of banks that trade at or below their book value.
    On the technical side, the negativity continues to trade below the 200-day average and the 7000-point barrier.
    Mrket performance
    The general index opened at 6934 points, slightly retreated and then moved to the highest point at 6951 points, gaining 14 points, or 0.2 percent. At the end of the session, the general index closed at 6948 points with 14 point gain of 0.2%. Trading values ​​declined by 7 percent to SR338 million to SR338 million. While traded shares dropped 22 million shares by 12 percent to 156 million shares traded, and the drop rate was 0.82 percent. Deals dropped 8 percent to 79,000.

    Sector performance
    Eight sectors rose against the rest. The rise in "traded real estate funds" was 0.7%, followed by "insurance" by 0.7% and "banks" by 0.47%. The decline was led by "food fragmentation" by 1.4%, followed by "food production" by 0.6% and "transportation" by 0.52%.
    The highest drop was "Banks" with a value of SR 969 million (31%), "Basic Materials" (28%) at SR 875 million and "Insurance" (15%) at SR 453 million.

    Stock performance
    The market traded 176 stocks, 101 shares rose against 71 shares and stability of the rest. Medgulf Insurance rose 5.2 percent to SAR 34.35, followed by Al Ahlia by 5 per cent to SAR 12.50 and Al Alamiah by 4.15 per cent to SAR 26.61. Commercial Union was down 5.8 per cent to close at 21.57 riyals, the highest drop was Enmaa with a value of SR 719 million (23 percent), followed by SABIC (SAR 617 million) at 20 percent and Dar Al Arkan (9 percent) at SR 285 million.

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