Saudi stocks rose again, closing at 7901 points, gaining 59 points, about 0.75 percent, to remain at their highest level in six months. While the MT30 index, which measures the performance of the blue-chips, increased eight points by 0.77 percent. The rise was supported by most sectors and stocks. The market is still witnessing high trading in medium and small companies, where trading is higher than the leading shares, which shows the continuation of the speculative trend, which shows the shift in dealers ’interest to capital gains after the market profitability increased and its returns declined.
Technically speaking, the market will face resistance at 7940 points, while support is at 7,650 points.
Tomorrow’s trading will be the last, at the time of disclosure of the financial results. The combined profits of 155 companies that disclosed their results amounted to about 35.5 billion riyals, down 68 percent, and 41 companies recorded losses, while 85 companies increased their profits, and the rest decreased their profits.
Overall market performance
The general index opened at 7,849 points, and headed towards the highest point in the session at 7901 points, winning 0.75 per cent, and then closed with 59 points. Liquidity rose 15 percent by about one billion riyals to reach 7.9 billion riyals, at a rate of 25 thousand riyals per transaction, and traded shares increased 22 percent by about 65 million shares to reach 364 million shares traded, with a turnover rate of 0.64 percent of free shares. Per cent by about 16,000 deals to reach 317,000 deals.
Four sectors retreated against the rise of the rest. The decline was led by “insurance” by 0.66 per cent, followed by “commercial and professional services” by 0.52 per cent, and by “public utilities” by 0.18 per cent. While the rise was led by “food segmentation” by 3.69 per cent, followed by “applications and technology services” by 2.9 per cent, and by “media and entertainment” by 2.2 per cent.
The highest turnover was “basic materials” by about 21 per cent with a value of 1.6 billion riyals, followed by “banks” by about 12 per cent with a value of 931 million riyals, and the third solution for “food production” by about 12 per cent with a value of 918 million riyals.
The higher shares were led by the Saudi Group by 9.95 per cent to close at 23.42 riyals, followed by Al-Lujain by 9.92 per cent to close at 35.45 riyals, and the “refineries” by 9.91 per cent to close at 62.10 riyals. On the other hand, the decline was led by “Al Hokair Group” by 2.7 per cent to close at 15 riyals, followed by “Malath Insurance” by 1.9 per cent to close at 15.18 riyals, and by “Medgulf Insurance” by 1.7 per cent to close at 24.62 riyals.
The highest turnover was “Dar Al-Arkan” with a value of 428 thousand riyals, followed by “Al-Samak” with a value of 322 million riyals, and the third was “Arab Sea” with a value of 304 million riyals.
Economic Reports Unit