Saudi stocks rose after two sessions of retreat to close at 7493 points led by banks, which led by "Al Rajhi", and improved performance of the index increased liquidity, which shows the return of activity. Despite the good performance in the index, most sectors and stocks are down to concentrate liquidity in the high-impact banking sector in the index, which pushed it up. Buyers' activity may continue and restore the index to levels above 7500 points targeting 7585 points, which is the most important resistance of the current index, while the support is at 7380 points.
Overall market performance
The general index opened at 7480 points, trading between high and low. The highest point was at 7,516 with 0.48 percent rise, while the lowest point was at 7,743 points with 0.1 percent loss. By the end of the session, the general index closed at 7493 points, gaining 13 points, 0.17 percent. Liquidity rose 2.7 percent, 76 billion riyals, to reach 2.9 billion riyals, 32.5 thousand riyals for each transaction. While traded shares increased by 15% by 23 million shares traded to reach 181 million shares with a turnover rate of 0.35%. The transactions settled at 87,000.
Sectors' performance
Six sectors rose while the rest were in retreat. The rise was in "luxury goods" with 1.12 percent, followed by "health care" by 0.95 percent, and then "communications" by 0.5 percent. While the decline was led by "medicines" with 0.96%, followed by "consumer services" with 0.6%, and then "long-term goods" by 0.56%. The highest turnover was "management and development of real estate" by 29%, amounting to SR 817 million, followed by "basic materials" by 26% with SR 756 million, and "banks" by SR 439 million with 15%.
Stocks' performance
Regarding the rise, "Solidarity" rose by 8.13 percent to close at SAR 25, followed by "SABB" by 2.3 percent to SAR 29.15, and "Budget Saudi" by 2 percent to SAR 29.15. On the other hand, "Dar Al Arkan" shed 2.1 percent to close at 8.91 riyals, followed by "Aslak" by 2 percent to close at 16.06 riyals, and thirdly "Sadak" by 1.9 percent to close at 9.62 riyals.
The highest turnover was "Dar Al Arkan" (SAR 746 million) at 26 percent, followed by Saudi Kayan (SR 313 million) at 11%, and "SABIC" (238 million Saudi Riyals) at 8%.
* Economic Reports Unit
