• Saudi stocks rally was above 8500 points despite the pressure from "banks"



    *Ahmed Al-Rasheed from Riyadh


    Saudi stocks fell to close at 8,513 points, down 34 points, or 0.4 percent.

    The market value fell by 8 billion riyals to 2.02 trillion riyals, pressured by the banking sector led by "Al Rajhi".

    The index of "MT 30" declined by 0.5 percent to lose six points and closing at 1256 points, which shows a decline in leading stocks by a larger proportion than the rest of the companies.

    The market continues to maintain its sideways trajectory for almost a month trading within a single range, as the closures were between the levels of 8620 points and 8520 points, which is making it more difficult to know the direction of the market to complete the gains or enter into a profit-taking wave, especially in light of the absence of most of the results of companies.

    The index is trading at the support levels 8500-8460 points.

    It is important to maintain support levels without breaking, where the break will increase selling pressure on the market, which will lead to a wave of profit-taking.


    Overall market performance

    The index opened the session at 8547 points, achieving the highest point at 8556 points by gaining 0.1 percent.

    While the lowest point was at 8513 points, losing 0.4 per cent.

    At the end of the session, the index closed at 8513 points, losing 34 points, or 0.4 percent.

    Liquidity rose 13 percent to 221 billion riyals to reach 1.9 billion riyals.

    The average value per transaction was 26 thousand riyals.

    While traded shares increased by 21% by 16 million shares traded to reach 94 million shares, and the turnover rate was 0.17%.

    The deals rose 2 per cent by about 1.7 thousand to reach 74,000 deals.


    Sector performance

    Seven sectors rose against the decline of the rest.

    The rise was led by "Health care" by 1.2 per cent, followed by "management and development of real estate" by 1 per cent, and "commercial and professional services" by 0.9 per cent.

    While the decline was led by "food segmentation" by 1.1 per cent, followed by "capital goods" by 0.87 per cent, and "banks" by 0.8 percent.

    The highest turnovers were "banks" by 26 per cent with a value of 502 million riyals, followed by "Basic Materials" by 22% with a value of SR 430 million, and "Management and Development of Real Estate" by 18% with a value of SR 354 million.


    Stock performance

    The rise was led by "Arriyadh Development" 8.2% to close at SAR 20.56, followed by "Alahlia" by 2.9 per cent to close at 12.10 riyals, and "MEFIC REIT" by 2.7 per cent to close at SAR8.90.

    On the other hand, the decline was led by "AlKhodari" 9.7% to close at SAR4.28, followed by "Amanah Insurance" by 4.6 per cent to close at SAR 15.14, and "Anaam International" by 2.4% to close at 12.30 riyals.

    The highest turnovers were "Al Rajhi" with a value of 289 million riyals, followed by "Dar Al Arkan" with a value of 180 million riyals, and "SABIC" with a value of SR 124 million.


    * Economic Reports Unit​

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