• Saudi stocks stop bleeding and regain 20 billion riyals from the market value


    ​          Saudi shares regained most of their losses to close at 6987 points, up 1.4 percent, and failed to restore the barrier 7000 points, despite the increase of the market value of about 20 billion riyals to 1.65 trillion riyals. The rise came with the support of all sectors led by banks led by Al Ahli and Al Rajhi shares.
    The previous report indicated that the market had not closed below 6,780 points in a year, making it the last line of defense against the wave of declines that began at the end of last month and increased in previous sessions. The rise comes despite the absence of fundamental variables from yesterday's session, and even oil prices were falling during the rise of the market, which shows that the market seems isolated from the local and international changes at the moment. The selling pressure may have been driven by rumors and ended after the SAMA statement. The market is still below the 200-day average, which is a negative technical factor that does not enhance risk appetite and may affect the course of the market for the medium term.
    The improvement in liquidity comes as a result of a special deal on Al Rajhi, which acquired about half of the liquidity of the market. Special deals are active on the bank as well as substantial changes to the bank's senior portfolio.

    Overall market performance

    The general index opened at 6889 points, trading between high and low, the lowest point at 6846 points lost 0.6%, while the highest point at 6988 points, winning 1.4%, the end of the session closed the general index at 6987 points 97 points winning 1.4% . Liquidity rose by SR1.8 billion, up 54 percent to 5.2 billion riyals, or 65,000 riyals per transaction. While traded shares increased 13 million traded shares by 9 percent to 160 million shares traded, and the turnover rate was 0.8 per cent, transactions dropped 8 percent to 80,000.

    Sector performance

    All sectors rose, led by Food Production by 2.2 percent, followed by Capital Goods by 2 per cent and Retail Luxury by 1.9 per cent. The highest drop was "Banks" with 3.3 billion riyals by 63 percent, followed by "basic materials" of 714 million riyals by 14 percent and third by insurance by 6 percent to 338 million riyals.

        Stock performance

    The market traded 176 shares up 145 shares against the retract of 30 shares and the stability of shares. Xtra rose 6.8 percent to close at 45.88 riyals, followed by Amiantit by 5.5 percent to close at 6.67 riyals. Thirdly, Saudi Budget topped 5 percent at 24.90 riyals. "Al Alamiah" rose 2.9 percent to close at 24.30 riyals, followed by Aldrees by 2.8 percent to close at 28.64 riyals, while Al Sagr Insurance was the third with 2.3 percent closing at 24.43 riyals.
    Al Rajhi acquired half of the trades with SAR 2.6 billion, followed by SABIC with SAR484 million and 9%.
    Economic Reports Unit

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