Saudi stocks continued to rise for the sixth session in a row, but it lost the acceleration of growth to gain only five points and close at 7656 points. The market was subjected to selling pressure during the trading time until it lost about 0.32% of its value before compensating at the end of the session. It also made profits, but at a lower rate of 0.28 percent. The market confirms through its performance in the last two sessions that the bullish trend has lost its strength, exposing it to a profit-taking wave in light of the decline in activity and the low pace of escalation. These are factors that push speculators to sell in order to achieve capital gains, especially after a wave and a series of gains through, which they have made profitable gains. The resistance levels were at 7700 points, and the support was at 7615 points.
Overall market performance
The general index opened at 7,650 points, trading between highs and lows. The highest point was at 7671 points with 0.28% gain, while the lowest point was at 7625 points with a lost of 0.32%. At the end of the session, the general index closed at 7,766 points, a five-point gain of 0.08 percent. Liquidity declined 15 percent (721 million riyals) to reach 4.2 billion riyals at a rate of 42 thousand riyals per transaction. While traded shares fell 20 percent by 46 million shares to reach 184 million traded shares, with a turnover rate of 0.35 percent. While transactions fell 17 percent by about 20,000 to reach 99,000 transactions.
Nine sectors fell while the rest were in rise. The decline was led by "Transportation" with 1% decrease, followed by "Basic Materials" with 0.48% and "Pharmaceuticals" by 0.32%. The rise was led by the "Media" with 1.5% rise, followed by "Property Management and Development" with 0.57%, and "Retail Luxury Goods" by 0.48% increase.
The highest circulations were "Basic Materials" by 41%, followed by "Banks" by 30% (1.2 billion), and then "Real Estate Management and Development" by 8% (333 million).
The highest increase was led by "Saudi Cement Company" rose 4.8 percent to reach SAR 50.96, followed by "Shams" by 4.3 percent to SAR 31.11, and "Eastern Cement" by 4.2 percent to reach SAR 28.05. On the other hand, the highest drop was led by "Takween" with 5.5 percent to reach SAR 9.57, "Saudi Group" 4.77 percent to SAR 21.35, and then "Ma'aden" with a fall by 4.7 percent to SAR 53.93.
The highest turnover was "Alinma" with a value of SAR 852 million (20%), followed by "SABIC" with a value of SAR 798 million (19 percent), and then "Saudi Kayan" with a 6% with a turnover of 254 million riyals.
* Economic Reports Unit