Business News Details

Saudi stocks ignoring the positive results of companies and break the 7000 points barrier
23/10/2017

Saudi shares returned to lose 7000 points after winning in last Thursday's session to close at 6975 points, losing 36 points, 0.5 percent. The performance of the market is in a horizontal direction where the last six sessions are trading within a single range in a narrow range of volatility, despite encouraging results. Al Rajhi announced record profits with earnings growth above expectations, but the stock did not react despite the announcement following the wave Strong drop on the stock.
With the market trading in a horizontal range and trading values of barely 2.1 billion riyals, the market remains concerned about the results of the remaining companies.
With the completion of the results and the visibility, the market is expected to move according to the fundamentals. The 7000 levels remain a resistance barrier while the support at 6870 points.

Market performance

The general index opened at 7011 points, trading between high and low. The highest point at 7031 was 0.28 per cent, while the lowest point at 6958 points lost 0.75 percent. At the end of the session, the general index closed at 6,975 points, losing 36 points, or 0.5 per cent. Liquidity declined 604 million riyals by 22 percent to 2.1 billion riyals, at a rate of 34,000 riyals per transaction. While traded shares fell by 21% by 33 million shares traded to 123 million shares traded, with a drop rate of 0.65%. Deals fell 17 percent to 62,000.

Sector performance

"Food Retail" rose by 0.3%, "Capital Goods" rose by 0.15%, while the rest of the sectors "Commercial and Professional Services" declined by 1.6% Followed by "medicines" (1.2%) and "insurance" (1.1%).
The highest drop was "Banks" with 33% value of SR 709 million, followed by "Basic Materials" by 22% to SR 474 million and "Real Estate Management and Development" by 12% at SR 259 million.

Stock performance

The market traded 176 stocks, 46 shares advanced against losers 122 and eight stocks stabilized. "Dar Al Arkan" by 4.3% to close at SAR 7.2, and the third "Amiantit" by 4% to close at 6.90 riyals. Salama was down 3.7 percent to SAR 24.99, followed by Tawuniya by 3.5 per cent to close at SAR 93.63 and Waha by 2.4 percent to SAR 49.52.
Enma was the most heavily traded issue with a value of SR 413 million (19 percent), Dar Al Arkan (10 percent) with SR 217 million and Sabic SA (207 million riyals) at 10 percent.

Saudi stocks ignoring the positive results of companies and break the 7000 points barrier