* Ahmed Al-Rasheed from Riyadh
Saudi stocks fell for a fourth straight session to close at 7872 points, losing 192 points, or 2.4 percent, the worst daily performance in a year. The index fell in early July of last year by about 2.6 per cent.
Since the beginning of the week, the market has lost 71 billion of its market capitalization to reach 1.87 trillion riyals. It lost about 100 billion riyals since the beginning of this month, a report released on Monday, July 30 that was indicated that the market might be under pressure to sell breaking the 8000 points barrier to reach 7800 points.
The market was suffering double the upward trend last month, and the current declines are a natural movement that has been exposed to the market during past periods.
Market movements and the Turkish economy cannot be linked to the vulnerability of listed companies to the Turkish economy, as they are limited in a few companies with insignificant transactions with the Turkish currency.
The market reached levels of support, which may witness an increase in buying interest, especially with the improvement of the profitability of many companies, which is maintaining the support area 7800-7700 points.
This will contribute to the consolidation of the market and the start of another new wave of rise. If the market loses these levels, the sharpness of the decline will increase to 7100 points.
Overall market performance
The benchmark index opened at 8,064 points, its lowest point at 7839 points, losing 2.8 percent. At the end of the session, the general index closed at 7,782 points, losing 192 points, or 2.4 percent.
Trading values rose 12 percent to reach 3.7 billion riyals and the average value of the deal was 35,000 riyals.
While the traded shares rose 6 percent with an average of eight million shares to reach 142 million shares traded, and the turnover rate was 0.27 per cent.
Deals rose 11 per cent by about 11,700 to reach 107,000 deals.
Sector performance
The utilities sector alone rose by 0.16 per cent, against the decline of the rest.
The decline was led by "media" by 4.4 per cent, followed by "food production" by 3 per cent and "banks" by 3 per cent.
The highest turnovers were "Basic Materials" by 37 per cent that valued at 1.4 billion riyals, followed by "banks" by 33 per cent that worth 1.2 billion riyals, and "management and development of real estate" by 7 per cent with a value of 250 million riyals.
Stock performance
The rise was led by "Al Sagr Insurance" that rose 6 per cent to close at SAR 13.78, followed by "Swicorp wabel Reit" by 2.7 per cent to close at SAR 9.09, and "eXtra" by 2.2 per cent to close at SR 51.10.
The highest turnovers were "Alinma" with a value of SAR 797 million of 22%, followed by "SABIC" with a value of SR 767 million of 21 per cent, and "Al Rajhi" by 6% with a value of SR 225 million.
* Economic Reports Unit
