Saudi stocks fell for the second week in a row, their worst performance since October 2020, to close at 11,299 points, losing 411 points, or 3.5 percent.
While the “MT30” index, which measures the performance of the leading stocks, declined by a higher rate of 4 percent, losing 66 points to close at 1560 points.
It was pointed out in the previous weekly report that negative data appeared and dealers preferred to sell up to 11,300 points, but the closing came a point below them.
After the market stopped for the weekend, oil prices fell sharply, which may reflect negatively on the morale of dealers, especially in light of the decline in positive data and the decline in the market’s performance and loss of the momentum that it was enjoying.
In the event that the market’s performance does not improve at the beginning of the week, and the 100-day average is restored at 11380 points, and the cohesion is higher than it, the selling pressures will return to it.
The market will face support at levels of 11036 points, as the lack of cohesion at that will show the extent of buyers’ reluctance and the continued preference for selling, which will push the market to further decline or until new data emerges that restores risk appetite and pushes prices higher.
overall market performance
The general index opened the week at 11710 points, as it headed towards the lowest point in the session at 11,036 points, losing 5.7 percent. At the end of the week, it compensated for losses, to close at 11,299 points, losing 411 points, or 3.5 percent.
Trading values increased by 17 percent by about 4.5 billion riyals to reach 31 billion riyals, while the traded shares rose by 15 percent by about 109 million shares to reach 842 million traded shares, while deals rose by 16 percent by about 213,000 shares to reach 1.5 million traded shares. .
The rise was led by “media and entertainment” by 1.9 percent, followed by “technical applications and services” 0.77%, and “capital goods” 0.36%.
The decline was led by “long-term goods” 5.3 percent, followed by “food production” 4.5 percent, and “banks” 4.3 percent.
The highest turnover was “basic materials” 22 percent with a value of 6.7 billion riyals, followed by “banks” 21 percent with a value of 6.3 billion riyals, and “investment and financing” 8 percent with a value of 2.5 billion riyals.
The rise was led by “Enaya” 12 percent to close at 30.35 riyals, followed by “Amanah Insurance” 8.6 percent, to close at 33.95 riyals, and “Gulf Union” 6.9 percent, to close at 17.56 riyals. The decline was led by “Development Food” of 22.8 percent, to close at 181.40 riyals, followed by “Tiba” 17 percent to close at 34.30 riyals, and “Gebsco” 10 percent to close at 38.80 riyals. The highest turnover was “Al-Rajhi” with a value of 2.8 billion riyals, followed by “Al-Nayifat” 2.2 billion riyals, and “Al-Inmaa” with a value of 1.5 billion riyals.
Economic Reporting Unit