Saudi stocks fell after failing to exceed 7500 points, during yesterday's session, which ended at 7479 points, a loss of 14 points, 0.2 percent. The decline came under pressure from the banks, which were supportive of the market yesterday, but it could not continue to improve the performance of the general index to put pressure on it. However, the performance of the real estate sector contributed to the banking pressure on the market to improve the performance of the market slightly before the closure.
In today's session the market will seek to return above 7500 points to reach 7585 points. If it fails, traders will be concerned that the market does not have the strength to enter a new rally, which will push them to sell. As the increasing selling pressure, the market will fall to the support levels of 7380 points.
Overall Market Performance
The general index opened at 7349 points, trading between high and low. The highest point was at 7,500, 0.09 per cent, while the lowest point at 7471, losing 0.3 percent. At the end of the session, the index closed at 7479 points, losing 14 points, 0.2 percent. Liquidity rose 4 percent by 116 million riyals to reach 2.9 billion riyals at a rate of 35.4 thousand riyals per transaction. While traded shares fell 3 percent by about 6.2 million shares to reach 175 million traded shares, with a turnover rate of 0.34 percent. The transactions fell 4 percent by about 3.8 thousand to reach 84,000.
Sector Performance
Eight sectors rose while the rest were in decline. The rise was led by "real estate management and development" with 1.4%, followed by "long-term goods" at 0.56%, and consumer services at 0.4%. The drop was led by "Food production" at 1.3 percent, followed by "medicines" by 0.97 percent, and "energy" by 0.85 percent.
The highest turnover was in "management and development of real estate" by 24 percent, with a value of SR 711 million, followed by "banks" with a value of SR 668 million at 22 percent, and "basic materials" with 22 percent at 658 million riyals.
Stocks Performance
"Salama" was the top gainer with 9.5 percent closing at SAR 28.32, followed by "Dar Al Arkan" by 6.7 percent to SAR 9.51, and then "Takaful Al Rajhi" at 4.5 percent to reach SAR 66.98. On the other hand, "Wataniya" was down 3.5% to SAR 27.88, followed by "Sharqia Development" by 3% to SAR 46.40, and "Aljamaee" by 2.8% to SAR 15.08.
"Dar Al Arkan" was the top performer with 22 percent trading at 644 million riyals, followed by "Al-Enma" with 303 million riyals at 10 percent, and "Al Rajhi" at 288 million riyals with 10 percent
* Economic Reports Unit.
