Saudi stocks broke the five-week rally to lose 129 points, 1.6 percent, to close at 7,824 points. The market lost gains in the past two weeks, which reflected the selling pressure on the market after failing to close above 8,000 points, after touching it during weekly sessions.
Maintaining levels of 7820 points and not closing below it will keep the market in a positive territory. Breaking the 21-day average barrier increases selling pressure, pushing the market lower as the week's decline eases.
The results of the first quarter remain the key factor in determining the unfinished market direction.
Overall market performance
The index opened the week at 7953 points, where it fell in two sessions and rose in the rest. The highest point was at 8023, 0.88 percent, while the lowest was at 7771 points, 2.3 percent,
The week ended at 7,824 points, losing 129 points, 1.6 percent.
Trading values fell by 0.9 percent by about 225.5 million riyals to reach 23.5 billion SR at a rate of 39,000 riyals per transaction.
Shares rose 3.4% by about 19,000 shares to reach 1 billion traded shares, with a turnover rate of 2%. Deals rose 3 percent by about 19,600, to reach 596,000 deals.
Sectors performance
All sectors retreated; "medicines" declined 5%, followed by "media" 4% and then "transport" 3%.
The main turnovers were "Basic Materials" of 34% with a value of 8 billions riyals, followed by "Banks" of 21% with a value of SR 4.9 billion, and "Real Estate Management and Development" of 19% at a value of SR 4.4 billion.
Stock performance
The rise was led by "Saudi Cement" that gained 6 percent to close at SAR 52.13, followed by "ACIG" of 6 percent to close at SAR 20.23, and "eXtra" of 5.7 percent to close at SAR 72.99.
The decline was led by "Halwani Bros." of 8.4 percent to close at SAR 55.31, followed by "Gulf General" of 7.7 percent to close at SAR 16.29, and then "SALAMA" of 7 percent closing at SAR24.35.
"SABIC" had the highest turnover of SAR 3.9 billion (17 percent), followed by "Dar Al-Arkan" (17 percent) with a value of SAR 3.9 billion, and "Alinma" (11 percent) with a value of SAR 2.6 billion.
* Economic Reports Unit
