Saudi stocks fell 18 points by 0.2 per cent, while the MT30 index, which measures the performance of the blue-chips, dropped four points by 0.31 per cent. The decline came despite the rise in most sectors, but the decline in leading shares pressured the general index. The sellers are showing control of the market, as it opened at a higher level than the previous session and closed below its lowest levels in the previous session, which gives an indication of the weakness of the bullish trend of the market. The market is still trading at its highest levels since June 2015 even with the recent downturn. The return of the market to the rally requires the return of risk appetite as fundamentals do not seem supportive.
Overall market performance
The general index opened at 9678 points, trading between high and low. The highest point was at 9678 points, 0.15 per cent winning, while the lowest was at 9610 points, losing 0.56 per cent. At the end of the session, the index closed at 9645 points, losing 18 points, by about 0.2 percent. Liquidity rose 20 percent by about 2.5 billion riyals to reach 15 billion riyals, while traded shares increased 13 percent by about 58 million shares to reach 508 million shares traded, and deals rose 15 percent by about 71 thousand deals to reach 556 thousand deals.
Eleven sectors rose, led by “food retail” by 3.2 per cent, followed by “pharmaceutical” by 1.5 per cent, and “real estate management and development” by 0.87 per cent. While the decline was led by “banks” by about 1 per cent, followed by “investment and finance” by 0.88 per cent, and by “media and entertainment” by 0.49 per cent.
The highest turnover was “basic materials” by about 15 per cent with a value of 2.2 billion riyals, followed by “banks” by about 10 per cent with a value of 1.5 billion riyals, and the third solution for “investment and financing” by about 10 per cent with a value of 1.5 billion riyals.
The higher shares were led by “farm markets” by 7.6 percent to close at 39.50 riyals, followed by “Atheeb Telecom” by 6.8 percent to close at 41.50 riyals, and the third was “certified” by about 6.2 percent to close at 21.92 riyals. On the other hand, the decline was led by “Saudi Pipes” by 2.8 percent to close at 31.70 riyals, followed by “Alinma Tokyo M” by 2.5 percent to close at 25.20 riyals, and by “Baazim” by 2.4 percent to close at 103.40 riyals.
The highest turnover was “developed” with a value of 1.3 billion riyals, followed by “refineries” with a value of 738 million riyals, and “Al-Enmaa” with a value of 609 million riyals.
Economic Reports Unit