Saudi stocks returned to record the rise, closing at the highest level since July 2019 at 8931 points, gaining 56 points, about 0.64 percent, while the MT30 index, which measures the performance of the blue-chips, increased 12 points by about 1 percent. The rise was supported by the leading stocks led by "Communications", which rose remarkably at the end of the session by about 5.4 percent. The stock move came without any official news from the company. The index increased its gains in the auction session by about 17 points. The market is awaiting the financial results for the fourth quarter and the annual period, and any positive incentives will keep risk appetite high and keep the upward pace.
Technically, the market will face resistance at current levels up to 9000 points, while support is at 8760 points.
Overall market performance
The general index opened at 8,878 points, trading between high and low. The highest point was at 8,931 points, 0.64 percent winning, while the lowest point was at 8,853 points, losing 0.24 percent. At the end of the session, the index closed at 8931 points, winning 56 points, or 0.64 percent. Liquidity rose 24 percent by 1.9 billion riyals to reach 10.2 billion riyals, while traded shares increased 37 percent by about 90 million shares to reach 332 million shares traded, while deals rose 23 percent to 425 deals.
Eleven sectors rose against the decline of the rest, and the stability of "media and entertainment". The rise was led by “communications” by about 4 percent, followed by “public utilities” by 1.9 percent, and by “banks” by about 0.76 percent. The decline was led by "long-term goods" by 1.9 percent, followed by "applications and technology services" by 1.5 percent, and by "capital goods" by 1.2 percent.
The highest turnover was "basic materials" by about 21 percent with a value of 2.2 billion riyals, followed by "insurance" by about 15 percent with a value of 1.5 billion riyals, and thirdly, "food production" by about 13 percent with a value of 1.3 billion riyals.
The rising shares were led by "STC" by about 5.4 percent to close at 116.20 riyals, followed by "United Insurance" by 4.8 percent to close at 20.14 riyals, and by "Dallah Health" by 4.7 percent to close at 51.50 riyals. On the other hand, the decline was led by "Al-Baha" by 4.3 percent to close at 41.40 riyals, followed by "Red Sea" by 3.7 percent to close at 24 riyals, and "Amiantit" by about 3.3 percent to close at 22.52 riyals.
The highest turnover was "Raydan" with a value of 366 million riyals, followed by "Tabuk Agriculture" with a value of 326 million riyals, and "Amana Insurance" with a value of 326 million riyals.
Economic Reports Unit