Saudi stocks rose for the second week in a row, to close at 8898 points, gaining 161 points, 1.8 per cent, to reach their highest level since July 2019. While the MT30 index, which measures the performance of the leading stocks, rose 1.9 percent to close at 1196 points.
The rise came amid the rise of most sectors, as small and medium-sized stocks continued to outperform the general index.
The small and medium sectors led the rise, with the applications and technology services sector achieving the lead, with a rate of 4.4 percent.
The market is still receiving increased attention by dealers and purchases despite the decline in activity, the absence of most of the results of the companies and the increase in profitability, which reflects a high state of optimism towards the financial performance of companies during the current year, especially with the availability of the vaccine, the decline of the pandemic and the improvement of oil prices.
The market will face resistance at 9000 points, while support is 8760 points.
Overall market performance
The general index opened at 8,737 points, heading towards the highest point in the session at 8,914 points, winning 2 per cent, and at the end of the session it closed at 8,898 points, winning 161 points, or 1.8 per cent.
Trading values rose 23 percent by about 8.7 billion riyals to reach 46.6 billion riyals, while traded shares rose 8 percent by about 97 million shares to reach 1.3 billion shares, while deals increased 14 percent by about 232,000 deals to reach 1.8 million deals.
Five sectors retreated against the rise of the rest. The decline was led by “consumer services” by 1 per cent, followed by “investment and finance” 0.68 per cent, and third, “media and entertainment” by 0.57 per cent.
The rise was led by “applications and technical services” by 4.4 per cent, followed by “long-term goods” by 3.9 per cent, and the third by “capital goods” by 2.6 per cent.
The highest turnover was “basic materials” by 20 percent with a value of 9.4 billion riyals, followed by “capital goods” 16 percent with a value of 7.6 billion riyals, and the third solution for “insurance” was 14 percent with a value of 6.7 billion riyals.
The rise was led by “Sadr” by 31 percent to close at 364.20 riyals, followed by “Al-Omran” 16 per cent to close at 114.60 riyals, and “Al-Aseel” by 14 percent to close at 88.80 riyals. The retreat led by “SABB Takaful” 4.8 percent to close at 29.45 riyals, followed by “National Education” 4.7 percent to close at 48.50 riyals, and the third “Tender” of 4.4 percent to close at 38.30 riyals.
The highest turnover was “Sadr” with a value of 2.9 billion riyals, followed by “Al-Omran” with a value of 1.5 billion riyals, and a “wealth” with a value of 1.5 billion riyals.
Economic Reports Unit