Ahmed Al-Rasheed from Riyadh
Saudi stocks rose about 60 points to close at 7,267 points, while the "MT30" index, which measures the performance of blue-chip stocks, increased seven points by about 0.7 percent. The rise came with the support of most sectors, and the improvement in performance coincided with the recovery in oil prices, which rose 5 percent during the week-end to the domestic market, with the extension of the agreement to reduce production to July, which supports energy prices during the period.
Technically, the market maintained an average of 100 days, with buying activity, which started in the previous Thursday session, during which most of the gains were offset, and support levels at 7200 points, while resistance at 7333 points. Repeated high profitability repetitions, declining profits, and distributions are still factors that do not support the market's rise for a long time unless fundamental data appears to improve the indicators. The accumulated profits of the market for the first quarter amounted to 75.2 billion riyals, down 27 percent, after 111 companies disclosed their financial results, and during the current month the companies ’results will be completed, as the end of the current month ends the regulatory period of the disclosure.
Overall market performance
The general index opened at 7207 points, and headed towards the highest point in the session at 7,277 points, winning 0.9 percent. At the end of the session, it closed at 7,267 points, gaining 60 points, about 0.83%. Liquidity declined by about 8 percent, to 372 million riyals, to reach 4.3 billion riyals, at a rate of 20,000 riyals per transaction. The traded shares decreased by 4% about eight million shares to reach 226 million traded shares, with a free turnover rate of 0.4%. As for deals, they fell 9 percent by about 21,000 deals, to reach 216,000 deals.
Three sectors retreated against the rise of the rest. The decline was led by "food segmentation" by 0.6 percent, followed by "real estate funds traded" 0.4 percent, and "public utilities" 0.13 percent. While the rise in exports is "drugs" by 2.4%, followed by "food production" 1.87%, and "capital goods" 1.65%
The highest turnover was "basic materials" by about 22 percent, at a value of 946 million riyals, followed by "banks" 18 percent with a value of 772 million riyals, and thirdly, "food production" 10 percent.
The rising shares were issued by "GBESCO" by about 9.9 percent to close at 14.58 riyals, followed by "eligibility" 9.94 percent to close at 8.96 riyals, and "Nadec" came to 9.3 percent to close at 28.20 riyals. On the other hand, the decline was led by "Bupa Arabia" by about 2 percent to close at 112.60 riyals, followed by "Riyadh Rhett" 1.78 percent to close at 7.74 riyals, and thirdly, "Rett ownership" 1.3 percent to close at 7.78 riyals.
The highest turnover was "Al-Rajhi" with a value of 397 million riyals, followed by "Dar Al-Arkan" with a value of 271 million riyals, and thirdly, "Al-Inma" with a value of 190 million riyals.
Economic Reports Unit