• The Saudi market is up 1.8% as traders focus on MSCI's listed companies


    * Ahmed Al-Rasheed from Riyadh


    Saudi stocks jumped 144 points, 1.76 percent, to close at 8,350 points, with liquidity rising 28 percent to reach 2.5 billion riyals.

    The gains were led by the banking sector and supported by "SABIC."

    The focus was on Morgan Stanley's shares, with only one share remaining, "Dar Al-Arkan", as six stocks rose better than the benchmark index.

    The current highs started from the previous session after the market reached an average of 21 days, which is an important support barrier.

    The current highs could extend to reach 8461 resistance levels, which is the highest level in three years, and the highest point in the market this year.

    Overcoming the resistance will increase the risk appetite of the traders, which will enhance the continuation of the rise. However, it may not extend beyond the short range except with the positive results of companies in the second quarter.

    This is due to the high returns of the market, especially when compared with the indices that have recently joined them and higher than the Gulf markets.


    Overall market performance

    The general index opened at 8206 points and headed towards the highest point at 8362 points, up 1.9%. At the end of the session, the general index closed at 8,350 points, gaining 144 points, 1.76%.

    Liquidity rose 28 percent by about 560 billion riyals to reach 2.5 billion riyals, 33.7 thousand riyals.

    Traded shares increased 52% by about 39 million traded shares to reach 115 million shares traded, and the turnover rate was 0.22%.

    Transactions rose 25 per cent to reach about 76,000 transactions.


    Sector performance

    The "long-term goods" declined by 0.39%, while the "media" stabilized.

    The rest, led by "Insurance," rose 2.4 per cent, followed by "Commercial and Professional Services" by 2.4 per cent and "Banking" by 3.4 per cent.

    The highest turnovers were "Basic Materials" by 27 per cent with a value of 682 million riyals, followed by "banks" by 23 per cent with a value of 601 million riyals and then "real estate management and development" by 13 per cent with a value of 339 million riyals.


    Stock performance

    The rise was led by "Amana Insurance" to close at SAR17.52, followed by "Al Rajhi Takaful" to close SAR64.50, and "SABB Takaful" by 7.9% to close at SAR23.92.

    On the other hand, the decline was led by "Al-Sorayai Group" of 4.3% to close at SAR 14.34, followed by "SCC" by 1.7% to close at SAR 8.55 and "Alkhaleej Training" by 1.5% to close at SAR16.


    "Dar Al Arkan" had the highest turnover with 11 per cent at 285 million riyals, followed by "SABIC" at 239 million at 9 per cent, and then "Alinma" by 8 percent with a value of 206 million riyals.

    * Economic Reports Unit​

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