* Ahmed Al-Rasheed from Riyadh
Saudi Arabia doubled its gains of 0.92 percent and closed at 7,771 points with 71 points. The rise was supported by banks and led by Al-Rajhi. It is expected that the market will continue to rise to the levels of 7894 points, which will then face selling pressure. However, if it is able to overcome them, it will try to reach levels of 7930 points, while support at 7840-7820 points. The banking sector is still able to continue to lead the market to higher price levels than current ones. The first quarter results will be one of the most important drivers of the market.
The overall performance of the market
The general index opened at 7799 points, and headed towards the highest point at 7876 points, gaining 0.99%. It closed at 7871 points, gaining 71 points, 0.92 percent. Liquidity rose by 15 percent to reach SR4.5 billion. The average value of the deal is 43 thousand riyals. Traded shares increased 11 percent by 25 million riyals to reach traded shares 249 million traded shares. The turnover rate was 0.5 percent. Deals rose 6 per cent to reach 6.8 thousand to close at 6.8 thousand.
Sector performance
All sectors rose except Food Retail that declined 0.4 percent, followed by "Real Estate Traded Funds" by 0.4 percent. The rise was led by "Insurance" of 3.4%, "luxury goods" of 3.2%, and "communications" of 1.5%.
The main turnovers were "Basic Materials" (27%) valued of SR 1.4 billion, followed by "Banks" (24%) valued of SR 1.3 billion, and "Real Estate Management and Development" at 21%.
Stock Performance
The rise was led by "Bupa Arabia" that rose 7.6 percent to close at 102.70 riyals, "Al-Sorayai Group" by 6.6 percent to close at 14.37 riyals, and "Tawuniya" of 5.36 percent to close at 79.45 riyals. On the other hand, the decline was led by "SCC" that was down 2.3 percent to close at SAR 10.14, followed by "Makkah Construction" of 1.4 percent to close at SAR 73.50, and "SACO" of 1.3 percent to close at SAR 126.15.
The highest turnovers were "Dar Al Arkan" (19%), followed by "Alinma" (761 million) at 14% and "SABIC" (SR 680 million) at 13%.
* Economic Reports Unit
