* Ahmed Al-Rasheed from Riyadh
Saudi stocks lost 68 billion riyals from their market value to reach 1.82 trillion riyals during the past week, after a collective decline of sectors, which lost the general index about 260 points by 3.3%.
Despite the decline, the market finished the week lower than the previous week, which makes the slow pace of decline with many of the losses achieved during the week compensated for positive factors.
The current wave of declines began since the end of July. During the past six weeks, the market has fallen in five of them and has so far lost about 815 points from its highest level this year.
The market continues to enjoy positive and attractive factors with the recent downturn, and now fell to levels 17. The banking and petrochemical sectors are also achieving good growth that supports keeping the market on an upward path.
Market movement in some sessions agrees with the path of emerging markets that does not mean a real relationship, as the markets are sometimes compatible at their session without coherence. It is due to the domestic market low liquidity of foreign investors, in addition to the stability of the exchange rate with the dollar.
With oil prices above $ 70, expectations of a general deficit, continued government spending, improved performance of the leading sectors, and continued market availability, the market so far is not threatened by long-term declines.
The market has experienced similar declines in earlier periods in the last two years and has not affected the long-term upward trend of the market.
Overall market performance
The index opened at 7948 points, rising in two sessions and retreating in the rest.
The highest point was at 8002 points, 0.68 per cent, while the lowest point was at 7552 points, losing 5 per cent.
At the end of the week, the index closed at 7687 points, losing 260 points, or 3.3 percent.
Trading values rose by 45 percent by about 4.5 billion riyals to reach 14.4 billion at a rate of 30.7 thousand riyals per transaction.
While traded shares rose 47% by about 202 million shares to reach 625 million shares, and the turnover rate was 1.2%. Deals rose 29 per cent to reach 106,000 deals.
Sector performance
All sectors retreated; the food sector was in the lead by 5 per cent, followed by health care by 4.9 per cent.
The highest traded were "banks" by 32 per cent with the value of 4.6 billion riyals, followed by "basic materials" by 31 per cent with a value of 4.5 billion riyals, and "Real Estate Management and Development" by 10% with a value of SR 1.4 billion.
Stock performance
The rise was led by "Arabian Pipes" by 16 per cent to close at SAR 22.06, followed by "KEC" by 6.5 per cent to close at SAR 11.14 and "SAFCO" by 5.6 per cent to close at SAR 71.80.
The decline was led by "Care" by 12 per cent to close at 43.80 riyals, followed by "Medgulf Insurance" by 10.9 per cent to close at 16.80 riyals, and "Amanah Insurance" by 10.8 per cent to close at 16.50 riyals.
The highest turnovers were "Alinma" with a value of 2.7 billion, followed by "SABIC" with a value of 1.9 billion riyals, and "Al Rajhi" with a value of 934 million riyals.
