Saudi stocks fell 161 points, or 2 per cent, during a week to close at 7,753 points amid declining trading values of 15 per cent by about 2.6 billion riyals to reach 15.2 billion riyals.
Although the index is likely to retreat to at least 7600 points, however, the return of the market is possible with the expectation of a decline in oil prices next week as the implementation of the agreement to reduce production.
The weekly performance was consistent with the previous report, where it was pointed out that the market's inability to exceed the average 200 days at 7940 points that will be subject to selling pressure and support levels at 7700 points.
The closing came at 7753 points.
It seems that the sharp drop in oil prices has had a large impact on the market.
Low oil prices are raising concern among traders that fiscal policy may be tightened to control the deficit.
At the end of the week, the banks announced a settlement with Zakat and Tax, which would affect the owners' rights in the sector by about 11.7 billion riyals by 3 percent.
The banking sector was trading low, which is indicating that there is a reservation to the assessments of banks as a result of the conflict.
This may dilute the effect of the settlement on equity prices or make the effect temporary.
Overall market performance
The index opened the week at 7914 points, where the highest point was at 7975 points of 0.77 per cent and the lowest point was at 7724 points, losing 2.4 percent.
At the end of the week, it closed at 7,753 points, losing 161 points, or 2 percent.
The value of trading declined 15 percent by about 2.6 billion riyals to reach 15.2 billion riyals, while the average value of one deal was 25 thousand riyals.
Traded shares fell 10 per cent by 73 million shares to reach 644 million shares.
The turnover rate was 1.2 per cent.
The deals fell 3 per cent by about 18,000 to reach 608,000 deals.
Sector performance
The highest traded sector is "Basic Materials" with 25% increase of SR 3.8 billion, followed by "banks" by 16 per cent with a value of 2.4 billion riyals, and "Insurance" by 14 per cent with a value of SR 2.1 billion.
The pharmaceutical sector was the least traded sector by 0.35 per cent at 53 million riyals.
Stock performance
The rise was led by "Saudi Fisheries" by 33 per cent to close at SAR 37.75, followed by "Enaya" by 22.8% to close at 24.44 riyals, and "Amana Insurance" with 10 per cent to close at 27.60 riyals.
The decline was led by "Etihad Etisalat" by 10.9 percent to close at 16.52 riyals, followed by "SIECO" by 9.6% to close at 89.50 riyals, and then "Eastern Province Cement" by 7.8 percent at 21 riyals.
SABIC had the highest turnover of SR 1.9 billion, followed by "Al-Rajhi" with a value of one billion riyals, and " Saudi Fisheries " with a value of 765 million riyals.
