Stocks retreated to end the longest winning streak since last August to close at 8722 points, losing 24 points, by 0.29 per cent, after seven sessions of gains, while the MT30 index, which measures the performance of the blue-chips, dropped three points by 0.28 per cent. The decline comes amid a variation in the performance of sectors and stocks.
The market shows weakness in the upward trend and a slowdown in the pace of growth in the previous sessions until it recorded a decline in yesterday’s session, and these signs show a decline in risk appetite and the continuation of this will lead to a corrective wave after a rise of more than 10 percent within a month, which led to the accumulation of capital gains in dealers’ portfolios This makes short-term dealers prefer to take profits after the market stops achieving further rise, especially with the increase in profitability multiplications, the decline in corporate profitability, and the high uncertainty about the financial performance of companies during the coming period in light of the developments of Corona.Overall market performance
The general index opened at 8,701 points, and headed towards the lowest point in the session at 8,692 points, losing 0.6 percent. At the end of the session, the index closed at 8,722 points, losing 24 points, about 0.29 percent. Liquidity rose 9 percent by about 1.3 billion riyals to 16.8 billion riyals, while traded shares increased 28 percent by about 143 million shares to reach 649 million shares traded, and deals fell 4 percent by about 23 thousand deals to reach 523 thousand deals.
Ten sectors rose against the decline of the rest. The rise was led by “investment and financing” by 1.7 per cent, followed by “public utilities” by 0.6 per cent, and by “consumer services” by 0.6 per cent. While the decline was led by “medicines” by 1.7 per cent, followed by “health care” by 1.2 per cent, and by “banks” by 0.74 per cent.
The highest turnover was “banks” by about 28 per cent with a value of 4.7 billion riyals, followed by “basic materials” by about 18 per cent with a value of three billion riyals, and the third was “consumer services” by about 8 per cent with a value of 1.3 billion riyals.
The “National” rose shares were topped by 9.9 percent to close at 51.80 riyals, followed by “Wafra” by 9.9 percent to close at 172.20 riyals, and “Alinma Tokyo M” by 8.1 percent to close at 27.95 riyals. On the other hand, the decline led by “SABB” by about 7.9 per cent to close at 25 riyals, followed by “Amiantit” by 4.3 per cent to close at 18.76 riyals, and by “FIPCO” by about 3.5 per cent to close at 60.70 riyals.
The highest turnover was “SABB” with a value of 4 billion riyals, followed by “Chemanol” with a value of 487 million riyals, and “Naseej” with a value of 469 million riyals.
Economic Reports Unit