• The longest series of weekly rise in local shares since July .. positive performance supports market


    * Ahmed Al-Rasheed from Riyadh​

    Saudi stocks hit the longest series of weekly rise since July last, rising for three consecutive weeks to reach the highest level since September to close at 8062 points, gains 138 points, winning 1.75 percent.​

    While the "MT30" index rose 1.7 percent by about 19 points to close at 1152 points, and the performance was in line with the previous report where it was pointed to exceed the barrier of 8000 points.​

    ​The positive performance coincided with the launch of the Saudi Aramco IPO, which covered almost all of its shareholders, while individuals reached 1.8 million shareholders with a total value of SAR 14 billion, or 46 percent coverage.​

    The current yield of shares "Aramco" at a rate close to the "MTV 30" index, which brings together leading stocks at 4 percent​, the risk of losing liquidity concentration in shares "Aramco", which helped to stabilize the market.​​​

    The index will face during the next week's resistance at 8070 points, and therefore the end of the week closing above the resistance will confirm purchasing power, what the market pays to skip 8100 points, while the weekly support at 7870 points.​

    ​Overall market performance​

    ​The general index opened at 7924 points, where it traded between high and low, where the highest point was at 8062 points, gaining 1.75 percent, while the lowest point at 7871 points, losing 0.67 percent, and ended the week at 8062 points, gaining 138 points, or 1.75 percent.​

    ​Turnover fell 1.1 percent by about 167 million riyals to reach 15.3 billion riyals, while traded shares fell 0.8 percent by about 4.7 million shares to reach 589 million shares, while deals fell 2 percent by about 11 thousand transactions to reach 557 thousand transactions.

    Sectors Performance​

    Eight sectors fell versus the rest high, as high "food production" exports by 3.6 percent, followed by "transport" by 2.9 percent, it came in third "banks" by 2.6 percent.​​

    The decline was led by "food fragmentation" by 1.99 percent, followed by "applications and technical services" by 1.5 percent, and "capital goods" by 1.26 percent.​

    The highest turnover was "banks" by 44 percent with a value of 6.9 billion riyals, followed by "basic materials" by 21 percent with a value of 3.2 billion riyals, and "Real Estate Management and Development" by 5 percent with a value of 829 million riyals.​

    Stock performance​

    The rise was led by "Enaya" by 12 percent to close at 11.40 riyals, followed by Savola Group by 8 percent to close at 32.90 riyals, and third place "AXA Cooperative" 7 percent to close at 26.95 riyals.

    Saudi Fransi was the most traded with a value of 2.2 billion riyals, followed by Al Rajhi with 2 billion riyals and Alinma with a value of 1.2 billion riyals.​

    * Economic Reports Unit

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