13/10/2017
Saudi
shares regained most of their losses to close at 6987 points, up 1.4
percent, and failed to restore the barrier 7000 points, despite the
increase of the market value of about 20 billion riyals to 1.65 trillion
riyals. The rise came with the support of all sectors led by banks led by Al Ahli and Al Rajhi shares.
The
previous report indicated that the market had not closed below 6,780
points in a year, making it the last line of defense against the wave of
declines that began at the end of last month and increased in previous
sessions. The
rise comes despite the absence of fundamental variables from
yesterday's session, and even oil prices were falling during the rise of
the market, which shows that the market seems isolated from the
local and international changes at the moment. The selling pressure may have been driven by rumors and ended after the SAMA statement. The market is still below the 200-day average, which is a negative
technical factor that does not enhance risk appetite and may affect the
course of the market for the medium term.
The
improvement in liquidity comes as a result of a special deal on Al
Rajhi, which acquired about half of the liquidity of the market. Special deals are active on the bank as well as substantial changes to the bank's senior portfolio.
Overall market performance
The
general index opened at 6889 points, trading between high and low, the
lowest point at 6846 points lost 0.6%, while the highest point at 6988
points, winning 1.4%, the end of the session closed the general index at
6987 points 97 points winning 1.4% . Liquidity rose by SR1.8 billion, up 54 percent to 5.2 billion riyals, or 65,000 riyals per transaction. While
traded shares increased 13 million traded shares by 9 percent to 160
million shares traded, and the turnover rate was 0.8 per cent, transactions dropped 8 percent to 80,000.
Sector performance
All
sectors rose, led by Food Production by 2.2 percent, followed by
Capital Goods by 2 per cent and Retail Luxury by 1.9 per cent. The highest drop was "Banks" with 3.3 billion riyals
by 63 percent, followed by "basic materials" of 714 million riyals by 14
percent and third by insurance by 6 percent to 338 million riyals.
Stock performance
The market traded 176 shares up 145 shares against the retract of 30 shares and the stability of shares. Xtra
rose 6.8 percent to close at 45.88 riyals, followed by Amiantit by 5.5
percent to close at 6.67 riyals. Thirdly, Saudi Budget topped 5 percent
at 24.90 riyals. "Al Alamiah" rose 2.9 percent to close at 24.30 riyals, followed
by Aldrees by 2.8 percent to close at 28.64 riyals, while Al Sagr
Insurance was the third with 2.3 percent closing at 24.43 riyals.
Al Rajhi acquired half of the trades with SAR 2.6 billion, followed by SABIC with SAR484 million and 9%.
-Economic Reports Unit
