Business News Details

Upward trend for Saudi stocks is linked to maintaining 7280 points
23/09/2017

           The Saudi market dropped in its weekly performance to lose 46 points, or 0.6 percent, before stopping for a long week, where next Sunday's National Day holiday, to maintain levels of support at 7280 points, giving the market a chance to enter a new wave of high, Especially as the market is looking to join the Emerging Markets Index at the end of the month and is on the watchlist of the Morgan Stanley Emerging Markets list. These are catalysts due to the entry of new liquidity that follow these indexes    In addition to the market at the end of the third quarter, which may lead some traders to anticipate the results and buy some shares expected to perform better for the coming period.
    The short term b trend is dependent on maintaining 7280 levels and with 7428 points will increase the risk appetite, which will push the market to 7500 points.

Market performance
    General index opened at 7373 points rose in two sessions and retreated in the rest. The highest point at 7427 was 0.73 percent, while the lowest point at 7289 points, losing 1.1 percent at the end of the session. The general index closed at 7326 points, losing 46 points, or 0.64 percent.
    Trading values rose 3.9 billion riyals to 19.4 billion riyals by 25 percent, with an average of SR 50,000. While traded shares rose 136 million shares by 21 percent to 785 million traded shares with a drop rate of 1.5 percent, transaction dropped 1 percent to 389,000.
Sector performance
    Six sectors rose against the rest. Telecommunications was down 1.7%, followed by "traded real estate funds" (1.6%) and "health care" (1.3%). Public utilities rose by 0.95 percent, followed by retail goods by 0.95 percent and capital goods by 0.22 per cent.
    The main issue was "Banks" with 48%, with a value of SR 1 billion, followed by "Basic Materials" by 20%, and "Insurance" by 11%, SR 2.2 billion.

Stock performance
    The market traded 175 stocks. Namaa rose 8.8 percent to SAR 21.93, followed by Takaful by 7.7 percent to SAR 31.17 and ASIG closed 6.6 percent at SAR 18.01. Al-Ahli was the top loser in the day with a 5% decline to close at SAR28.
    Saudi Fransi was the most traded with a drop of SR5.8 billion, followed by Enma (Rls2.2 billion) by 12 percent. SABIC was third with SAR1.7 billion
-Economic Reports Unit

Upward trend for Saudi stocks is linked to maintaining 7280 points