Ahmed Al-Rasheed from Riyadh
Saudi stocks retreated to close at 8,670 points, losing 11 points, by 0.13 percent. The MT30 index, which measures the performance of the leading stocks, decreased by 0.12 percent to close at 1163 points. The decline in market activity continued, to record the tenth session of trades below ten billion riyals, and this is the longest series since the end of last August. The decrease in activity coincides with the start of the corporate advertising season and the market entering a sideways path for more than a month, as the accumulation of capital gains stopped not attracting more liquidity, but rather pushed dealers towards selling to reap profits. The market is still trying to maintain its bullish path, which began last March and is trading near it now, and any declines below 8600 points will lose the market's upward path, which will enter it into an increasingly severe corrective path.
Overall market performance
The general index opened at 8,866 points, trading between high and low. The highest point was at 8,692 points, gaining 0.12 percent, while the lowest point was at 8,664 points, losing 0.2 percent. At the end of the session, it closed at 8,670 points, losing 11 points, about 0.13 percent. Liquidity fell 16 percent by about 1.3 billion riyals to reach 6.5 billion riyals, while traded shares fell 10 percent by about 22.7 million shares to reach 198 million shares traded, and deals fell 14 percent by about 46 thousand deals to reach 284 thousand deals.
Six sectors rose against the decline of the rest. The rise was led by "basic materials" by 0.8 percent, followed by "long-term goods" by 0.67 percent, and "insurance" by 0.64 percent. While the decline was led by “applications and technical services” by 1.2 percent, followed by “banks” by 0.68 percent, and by “food production” by 0.64 percent.
The highest turnover was "basic materials" by about 21 percent with a value of 1.3 billion riyals, followed by "insurance" by 16 percent with a value of one billion riyals, and thirdly, "food production" by about 11 percent with a value of 705 million riyals.
The rising shares were led by "Enaya" by about 10 percent to close at 36.85 riyals, followed by "Amana Insurance" about 9.97 percent to close at 40.25 riyals, and "Al-Samani" by 9.96 percent to close at 298 riyals. On the other hand, the decline was led by "Wafra" by 3.1 percent to close at 166.40 riyals, followed by "Naseej" by 2.6 percent to close at 99 riyals, and the "paper industry" by about 2.3 percent to close at 60.20 riyals.
The highest turnover was "Amana Insurance" with a value of 325 million riyals, followed by "SABIC" with a value of 303 million riyals, and a third "wealth" with a value of 279 million riyals.
Economic Reports Unit