Saudi stocks fell by 11 points to give up levels of 7900 points and close at 7893 points, with a decline in market value of about 6 billion riyals to reach 1.87 trillion riyals.
Breaking the five-session rally, the current decline so far is a natural reaction to the market after a strong wave of gains.
The upside trend remains and the current downtrend is a secondary course, as long as the market maintained 7800 points, which constitute an average of 21 days.
The pressure came mainly from SABIC's basic materials sector, which rose 10 per cent in previous sessions so far, maintaining most of the gains.
The stocks may continue to pressure the index until it reaches 122 riyals and then turn into a support for the index.
Overall market performance
The general index opened at 7905 points, trading between high and low.
The highest point was at 7940 points with 0.45 per cent, while the lowest point was at 7,867 points, losing 0.47 per cent.
At the end of the session, the general index closed at 7,893 points, down 11 points, or 0.14 percent.
Liquidity declined by 5 percent by about 152 billion riyals to reach 2.6 billion at a rate of 28,000 riyals per transaction.
While traded shares fell 6 per cent by about 7 million shares to reach 114 million shares, and the turnover rate was 0.21 per cent.
Deals fell 5 per cent by about 5,000 to reach 94,000 deals.
Sector performance
Nine sectors rose against the decline of the rest.
The rise was led by “Health care” by 3.7 per cent, followed by “consumer services” by 3.5 per cent and “energy” by 1.1 per cent.
In contrast, the decline was led by "commercial and professional services" by 3.6%, followed by "utilities" by 1.6%, and "food production" by 1.3%.
The highest turnovers were "basic materials" by 30 per cent at a value of SR 801 million, followed by "banks" by 25 per cent of the value of 671 million riyals, and then "Real Estate Management and Development" by 10% at a value of SR 253 million.
Stock performance
The rise was led by “Saudi Cable” by 8.8% to close at SAR 24.44, “ Al-Mouwasat” rose 7.3% to close at SAR 79.80 and “Dallah” by 6.6% to close at SAR 62.80.
On the other hand, the decline was led by "Catering" by 3.9% to close at 83.50 riyals, followed by "Waha" by 3% to close at 37.70 riyals, and then "Maaden" by 2.1% to close at 50.40 riyals.
“SABIC” had the highest turnover of 13 per cent with a value of SR 350 million, followed by “Alinma” by 12 per cent with a value of SR 327 million, and then “Dar Al-Arkan” by 7 per cent with a value of 182 million riyals.
* Economic Reports Unit
