Ahmed Al-Rasheed from Riyadh
Saudi stocks rose for the sixth session, hitting the highest level since August 2019, to close at 8,708 points, about 0.17 percent, with a gain of 15 points. While the MT30 index, which measures the performance of the blue-chips, declined 1.5 points, about 0.13 percent, to close at 1159 points. The rise came with the support of most sectors and stocks, with the return of the speculative tendency of the market, which became active after its recent decline, as six stocks rose by the maximum percentage despite the market losing about 60% of the gains achieved during the session.
The decline in liquidity for the second session did not affect the rise in the market, but the continuation of the decline will increase the intensity of market volatility and its lack of cohesion when selling pressures activity, as the basic factors do not seem sufficient to support the stability of the market after the decline, in light of high profitability multiplications and high uncertainty about profitability Companies in light of the developments of Corona.
Overall market performance
The general index opened yesterday's session at 8713 points, and headed towards the highest point in the session at 8730 points, winning 0.4 percent. At the end of the session, the general index closed at 8,708 points, winning 15 points, about 0.17 percent. Liquidity declined 9 percent by about 1.1 billion riyals to reach 11.8 billion riyals, while traded shares decreased 9 percent by about 43 million shares to reach 445 million shares traded, and deals fell 7 percent by about 36 thousand deals to reach 467 thousand deals.
Three sectors retreated against the rise of the rest. The decline was led by “media and entertainment” by 1.1 percent, followed by “banks” by 0.6 percent, and by “energy” by 0.3 percent. While the increase was issued by "medicines" by about 5.5 percent, followed by "health care" by 4.5 percent, and by "public utilities" by about 2.8 percent.
The highest turnover was "basic materials" by about 20 percent with a value of 2.3 billion riyals, followed by "insurance" by 16 percent with a value of 1.9 billion riyals, and "capital goods" by about 8 percent with a value of 960 million riyals.
The rising shares led "Naseej" by about 10 percent, to close at 33 riyals, followed by "Abu Moati" by about 10 percent to close at 48.40 riyals, and the "paper industry" by 9.9 percent to close at 105.20 riyals. On the other hand, the decline led by Al-Andalus by 1.9 percent, to close at 21.08 riyals, followed by “Tihama” by 1.8 percent, to close at 59.30 riyals, and the third “Asir” by 1.7 percent to close at 15.72 riyals.
The highest turnover was "Abu Moati" with a value of 373 million riyals, followed by "Raydan" with a value of 352 million riyals, and "Saudi Kayan" with a value of 319 million riyals.
Economic Reports Unit