• Saudi stocks add 27 billion riyals to their market capitalization in a week


    * Ahmed Al-Rasheed from Riyadh


    Saudi stocks ended the longest weekly decline in four months with a gain of 103 points, or 1.22 percent, to close at 8582 points, and increasing its market value by 27 billion riyals to reach 2.03 trillion riyals.

    The MT30 index rose 1.8 percent by 22 points to reach 1268 points.

    The performance was consistent with the previous report, where it was noted that the market witnessed a positive buying activity despite the decline in the previous week, and that the signal "may be the beginning of turning into a positive wave in the coming period."

    As the market continues to stabilize above 8500 points, Saudi stocks will seek to reach their highest level this year at 8670 points.

    Exceeding those levels will give the market momentum to reach levels of at least 8800 points.

    In the coming period, the intensity of corporate announcements will increase as the deadline for disclosing annual results approaches.

    These results may increase volatility in the market, especially as 94 companies have yet to report their results.

    It seems that the entry of foreign investors after the actual accession of the market will not be effective, as the market was expected as yesterday's sell-off negated the impact of high demand during the same period, which amounted to a total of 1.4 billion riyals with trading 38 million shares traded.

    SABIC has witnessed more than 200 million riyals.


    Overall market performance

    The index opened the week at 8479 points.

    The highest point was at 8585 points gaining 1.26%, while the lowest point was at 8410 points lost 0.81 per cent.

    At the end of the week, 8582 points were closed at 1.22 per cent at 103 points.

    The value of trading rose 24 per cent by about three billion riyals to reach 15.6 billion riyals, while traded shares rose 21 per cent by 119 million shares to reach 680 million shares, with a turnover of 1.3 per cent.

    The deals rose 23 per cent to reach 106,000 deals.


    Sector performance

    Six sectors retreated against the rise of the rest.

    The rise was led by "communications" by 4 per cent, followed by "medicine" by 4 per cent, and "consumer services" by 3 per cent.

    The decline was led by "transport" by 1 percent, followed by "food production" by 1 per cent, and "energy" by 0.8 percent.

    The highest turnovers were "basic materials" by 29 percent at 4.5 billion riyals, followed by "banks" by 22 per cent with a value of 3.5 billion riyals, and "capital goods" by 7 per cent with a value of SR 1.1 billion.


    Stock performance

    The rise was led by "Medgulf" by 16 per cent to close at SAR 17.28, followed by "Khodari" by 9.4% to close at 4.73 riyals, and "Tasnee" by 8 per cent to close at 17.60 riyals.

    The decline was led by "MEPCO" by 7.3 percent to close at SAR 19.40, followed by "Takween" by 7 per cent to close at 8.92 riyals, and "Safco" with 6 per cent closing at 77 riyals.

    The highest turnovers were "Al Rajhi" with a value of 1.6 billion riyals, followed by "SABIC"  with a value of SAR 1.2 billion, and then "Alinma" with a value of 705 million riyals.​

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