Saudi stocks rose for the third week, closing at the highest level since August 2019 at 8,578 points, up by 143 points, by 1.7 percent. While the MT30 index, which measures the performance of the blue-chips, increased 16 points to close at 1144 points. And the pace of market rise has slowed, compared to the previous week, which recorded 4 percent. Market trades focused on small and medium stocks, including losing companies, as those shares topped the list of the most traded by about 17 percent of the trading volume of 12 billion riyals, with high turnover rates to show the speculative tendency. 8600 levels are still resistant, and the market is usually exposed to selling pressures and retreating from it, but the emergence of new data, most notably the possibility of reviewing the past value tax after the end of the Corona crisis and the return of oil prices to normal levels, is a moral motive for the market, but it is not sustainable, given the state of uncertainty. The high return of oil prices, affected by the pandemic, and the growing supply.
Overall market performance
The general index opened the week at 8,434 points, and headed towards the highest point in the week at 8,621 points, winning 2.2 percent. At the end of the week, it closed at 8,578 points, winning 1.7 percent by 143 points. Liquidity rose 19 percent by about 11 billion riyals to reach 70 billion riyals, while traded shares increased 18 percent by about 373 million shares to reach 2.5 billion shares, and deals rose 14 percent by about 324 thousand shares to reach 2.7 million deals.
Five sectors retreated against the rise of the rest. The decline was led by "public utilities" by 4.5 percent, followed by "food fragmentation" by 3.5 percent, and by "real estate traded funds" by 0.60 percent. While the increase was issued by "medicines" by about 10.5 percent, followed by "long-term commodities" by about 10 percent, and by "capital goods".
The highest turnover was "basic materials" by about 20 percent to close at 14.2 billion riyals, followed by "capital goods" by 12 percent with a value of 8.5 billion riyals, and thirdly, "food production" by about 11 percent.
The rising shares were led by "Paper Industry" by about 36 percent, to close at 103.40 riyals, followed by "Naseej" by 33 percent to close at 28.70 riyals, and "Amiantit" by 26 percent to close at 19.02 riyals. On the other hand, the decline was led by "Anaam Holding" by 8.8 percent, to close at 185 riyals, followed by "Wafra" by 7 percent to close at 138.40 riyals, and by "Mashaer Rit" by 5.69 percent to close at 7.96 riyals.
The highest turnover was "fish" with a value of 3.5 billion riyals, followed by "Saudi cables" with a value of 2.4 billion riyals, and "exports" with a value of 2.2 billion riyals.
Economic Reports Unit