*Ahmed Al-Rasheed from Riyadh
Saudi stocks fell 24 points, or 0.3 percent, to close at 7750 points. The market value dropped by 4 billion riyals to reach1.83 trillion riyals. Despite the decline, it remained about half of the gains of the previous session. The decline came under pressure from the banking sector led by "Al Rajhi." The decline comes even with the rise of more sectors to show the impact of the banking sector and basic materials in the market. The positive performance of the previous session did not continue to lose an average of 21 days and close less than it, but remained at 7700 points, which makes the market able to recover an average of 21 days. The market appears to have difficulty attracting liquidity and losing more than 20 per cent of its highs. The continued decline in oil prices will limit investors' appetite for risk.
Overall market performance
The general index opened at 7774 points, trading between high and low. The highest point was at 7786 of 0.14 per cent. While the lowest point was at 7731 points, lost 0.56%. At the end of the session, the general index closed at 7,750 points, losing 24 points, or 0.3 percent. Trading values declined 8 percent by about 270 billion riyals to reach 3 billion riyals. Traded shares rose 13 percent by aout16 million traded shares to reach 141 million traded shares, with a turnover rate of 0.26 percent. Transactions rose 10 per cent by about 12,000 transactions, or 127 thousand transactions.
Sector performance
12 sectors rose against the rise of the rest. The rise was led by "long-term commodities" by 1.78%, followed by "health care" by 1.7 per cent, and "consumer services" by1.3 percent. The decline was led by "fragmentation of luxury goods" by 1 percent, followed by "banks" by 0.5 per cent, and "management and development of real estate" by 0.5 per cent. The highest turnovers were "basic materials" that valued SR 883 millions of 29 per cent, followed by "banks" by 17 per cent with a value of SR 522 million, and "insurance" by 15% with a value of SR 472 million.
Stock performance
The rise was led by "SADAFCO" for the maximum to close at 98 riyals, followed by "AlSorayai Group" with the maximum high to close at 11.92 riyals, and "AlJazirah Reit" by 7.4 percent to close at 16.46 riyals.
The deline was led by "MEFIC REIT" by closing at SAR9, followed by "Najran Cement" by 3.5 per cent to close at 8.56 riyals, and "Eastern Province Cement" by 3.3% to close at SAR 20.42.
"SABIC" had the highest turnover of SR 374 million by 12 per cent, followed by "Alinma" by 11 per cent with a value of 341 million riyals, and then "SFICO" by 4 percent with a value of 122 million riyals.
* Economic Reports Unit
