Saudi stocks fell in their worst session in five months to close at 8,177 points, losing 117 points by 1.4 per cent, while the MT30 index, which measures the performance of the blue-chips, fell 12 points by 1.11 per cent.
The decline came amid an almost collective decline of the sectors, as the “public utilities” sector rose alone. The performance is in line with expectations of previous reports, where the weak bullish trend was indicated, as in the last sessions the market was unable to continue rising and failed to reach 8400 points. The index closed below 8200 points, and continuing this in today’s session will expose the market to selling pressure up to 8010 points. With the start of the disclosure season for the third quarter with the announcement of “Almarai”, dealers will focus on the financial results of companies, which will be a fundamental factor in determining the path of shares.
Overall market performance
The general index opened at 8273 points, and headed towards the lowest point in the session at 8177 points, losing 1.4 percent, and closed at that point losing 1.4 percent. Liquidity declined 30 percent by about 4.5 billion riyals to reach 10.2 billion riyals, at a rate of 24,000 riyals per transaction. While traded shares fell 30 per cent by about 215 million shares to reach 496 million shares traded, and deals fell 26 per cent by about 151,000 deals to reach 425,000 deals.
The “public utilities” sector rose by 0.18 per cent alone, against a decline of the rest at the top of “media and entertainment” by 4.4 per cent, followed by “investment and finance” by 4 per cent, and the third by “consumer services” by 3.2 per cent.
The highest turnover was “insurance” by about 22 per cent with a value of 2.2 billion riyals, followed by “basic materials” by about 18 per cent with a value of 1.8 billion riyals, and the third solution for “real estate management and development” by 13 per cent with a value of 1.3 billion riyals.
The rising shares were led by “Salama” by about 10 percent to close at 23.32 riyals, followed by “Gulf General” by 9.96 percent to close at 24.50 riyals, and by “Al-Kathiri” by about 4.8 percent to close at 168.80 riyals. On the other hand, the decline was led by “Tihama” by 9.95 percent to close at 52.50 riyals, followed by “Al-Baha” by 9.94 percent to close at 29.90 riyals, and “Enaya” by 9.94 percent to close at 30.80 riyals.
The highest turnover was “Dar Al-Arkan” with a value of 843 million riyals, followed by “Amana Insurance” by 643 million riyals, and “Al-Samak” with a value of 251 million riyals.
Economic Reports Unit