• The longest series of gains in 10 months, Saudi stocks regain 7000 points


             Saudi shares retreated 7000 points to close higher than a three point gain of 31 points, or 0.46 percent, after achieving the longest series of gains in ten months, after rising seven consecutive sessions. The rise was led by "Property Management and Development" led by "Makkah Construction" and "Basic Materials" played a supporting role.
    The market was subjected to selling pressure during the session but the activity of buyers returned the market to the Green Zone above the barrier of 7000 points.
    Stability above current levels and over 7050 points confirms that the market is on a bullish path, which will restore confidence to the market and increase risk appetite which will push the market to levels of up to 7,200 points, while support at 6930 points.

    Market performance

    The general index opened at 6,972 points. The lowest point was at 6961 points, losing 0.15%. The highest point at 7004 points was 0.46%, the end of the session, the general index closed at 7003 points, gaining 31 points by 0.46%. Cent. Liquidity declined 12 percent to 45.2 million riyals to 3.2 billion rials at a rate of 39,000 riyals per transaction. While traded shares fell 28 million shares by 14 per cent to 168 million shares traded, and the turnover rate was 0.89 per cent. Deals fell 12 per cent to 83,000.

    Sector performance

    The high "management and development of real estate" rose by 1.6%, followed by "energy" by 1.5%, and the third "capital goods" by 1.2%. Commercial and professional services dropped by 0.25 percent, followed by utilities by 0.15 percent and Telecommunications by 0.04 percent.
    The highest drop was "Banks" with a 31% value of SR 1 billion, followed by "Real Estate Management and Development" by 23% to SR 771 million and "Basic Materials" by 23% at SR 741 million.

    Stock performance

    The market traded 178 stocks, 124 shares advanced against 46 shares and eight shares declined. Makkah Construction rose 8.6 percent to SAR 80.42, followed by Knowledge City by 5.3 percent to SAR 11.94 and Dar Al Arkan by 3.7 percent to SAR 9.52. In contrast, MEPCO was down 2.2 percent to SAR 19.99, followed by Southern Cement by 1.55 per cent to SAR 43.13 and Construction by 1.4 percent to SAR 17.83.
    The highest drop was Enma (SAR 671 million), followed by SABIC (SR465 million) at 14 percent and Dar Al Arkan (14 percent) at SR 461 million.

© All Rights Reserved for Asharqia Chamber