Saudi stocks rose for the third session, reaching their highest level since August 2019, closing at 8,636 points, gaining 25 points, about 0.29 percent. The MT30 index, which measures the performance of the blue-chips, increased one point by 0.11 percent, to show the performance of small and medium stocks outperforming the blue-chips, especially with five of them rising in the maximum percentage, and of the leading stocks in the rise, two losing companies, to show the continuation of the speculative trend.
The rise coincides with the rise in oil to its highest level in eight months, to record Brent crude trading at $ 46. Despite the rise, the market is still under selling pressure, losing about 60% of the gains achieved during the session. It did not deviate much from the previous annual high of 8620 points, and the market needs to stabilize at these levels at least to face the selling pressures and achieve an acceleration in the pace of growth. The basic factors remain unattractive in light of the increase in repeaters, the decline in corporate profitability, and the high uncertainty about the financial performance of companies during the coming period in light of the Corona pandemic, and the high morale of finding the vaccine and the possibility of the end of the pandemic remain one of the most important motivators that keep risk appetite high.
Overall market performance
The index opened yesterday's session at 8618 points and headed towards the highest point in the session at 8675 points, a 0.7 percent gain. At the end of the session, it closed at 8,636 points, winning 25 points, about 0.29 percent. Liquidity increased 5 percent by about 761 million riyals to reach 13.6 billion riyals, while traded shares increased 3 percent by about 13 million shares to reach 496 million shares traded, and deals rose 3 percent by about 13 thousand deals to reach 522 thousand deals.
Seven sectors retreated against the rise of the rest. The decline was led by "medicines" by about 1 percent, followed by "food fragmentation" by about 1 percent, and by "insurance" by about 0.58 percent. While the rise was led by "long-term goods" by about 2 percent, followed by "consumer services" by 1.99 percent, and by "investment and finance" by 1.99 percent.
The highest turnover was "basic materials" by about 21 percent with a value of 2.9 billion riyals, followed by "food production" by about 8 percent with a value of one billion riyals, and "capital goods" by about 8 percent with a value of one billion riyals.
The rising stocks led "Al-Baha" by about 10 percent to close at 42.35 riyals, followed by "Shams" by 9.97 percent to close at 73.90 riyals, and "Abu Moati" by about 9.95 percent to close at 42 riyals. On the other hand, the decline led by "ACIG" by about 6 percent to close at 52.50 riyals, followed by the "Saudi group" by 1.9 percent to close at 25.60 riyals, and by "Saudi Pipelines" by 1.8 percent to close at 27.10 riyals.
The highest turnover was "fish" with a value of 540 million riyals, followed by "Zain Saudi Arabia" with a value of 416 million riyals, and "Shaker" with a value of 313 million riyals.
Economic Reports Unit