Saudi stocks fell 60 points by 0.66 per cent to close at 9,024 points, while the MT30 index, which measures the performance of the blue-chips, fell 11 points by 0.96 per cent, to show that the pressure came from major stocks. Most of the sectors retreated with the variation in the performance of stocks. Most of the losses came in the closing auction session with a drop of 49 points. 1.37 percent. Despite the decline in the leading stocks, the small stocks are receiving interest with a maximum number of them increasing or less, achieving better performance than the market in light of the active speculative tendency in the market. The market performance came in line with expectations, as it was indicated in previous reports that weakness appeared in the upside, and the market started to take a downward trend and will face support at 8950 points. Breaking the support levels will show the market’s desire to enter a profit-taking wave that could turn into a correction in the event that there is no improvement. Main factors and repeaters remain elevated.Overall market performance
The general index opened at 9,083 points, trading between high and low. The highest point was at 9118 points, 0.37 per cent, while the lowest was at 9,024 points, losing 0.66 per cent. At the end of the session, it closed at 9,024 points, losing 60 points by 0.66 percent. Liquidity declined 16 percent by about 2.3 billion riyals to reach 11.8 billion riyals, while traded shares fell 22 percent by 106 million shares to reach 382 million shares, and deals fell 17 percent by about 96,000 deals to reach 477,000 deals.
Nine sectors rose against the decline of the rest. The rise was led by “applications and technology services” by 5.4 per cent, followed by “commercial and professional services” by 1.6 per cent, and the third by “pharmaceuticals” by 1.2 per cent. While the decline was led by “investment and financing” by 1.65 per cent, followed by “banks” by 1.49 per cent, and by “public utilities” by 1.18 per cent.
The highest turnover was “basic materials” by about 21 per cent with a value of 2.4 billion riyals, followed by “food production” with a value of 1.4 billion riyals by about 12 per cent, and “energy” by 11 per cent with a value of 1.3 billion riyals.
Three shares rose in the maximum percentage, issued by Sadr by 9.94% to close at 349.40 riyals, followed by “Refineries” by 9.93% to close at 155 riyals, and the third “Atheeb Telecom” by 9.9% to close at 17.74 riyals. On the other hand, the decline was led by “cables” by 5.2 per cent to close at 31.95 riyals, followed by “Al-Baha” by 4.9 per cent to close at 42.80 riyals, and by “musk” by 4.7 per cent to close at 16.14 riyals.
The highest turnovers were “refineries” with a value of 982 million riyals, followed by “Al-Jouf” with a value of 400 million riyals, and the third was “Saudi cables” with a value of 385 million riyals.
Economic Reports Unit