Saudi stocks fell 4% in the worst session since May …...

Saudi stocks fell 4% in the worst session since May …...
Saudi stocks fell 4% in the worst session since May …...

Saudi stocks fell in their worst session since May, losing 350 points, about 4.12 percent, to close at 8,154 points, and the market value fell by 247 billion to reach 8.8 trillion riyals. While the MT30 index, which measures the performance of the blue-chips, fell 36 points, about 3.2 percent, to close at 1096 points. The decline came collectively for the sectors and most of the stocks, which recorded 80 of them, declined by the maximum percentage. The decline intensified after mid-session, and losses increased by 12 points in the auction session. This coincides with the results of leading companies such as “SABIC” and “Al-Rajhi” and fears of a second wave of the Corona pandemic and its repercussions.
And trading in the market at high price levels, which make it sensitive to negative variables and more severe in responding to the data, due to the accumulation of capital gains in dealers’ portfolios and their desire to maintain those gains.
On the technical side, the market will face support at 8090 levels, and the lack of market cohesion at those levels will show that the market has lost its upward path, which will enter the market on a corrective path until it reaches lower price levels and higher returns that attract liquidity again.

Overall market performance
The general index opened at 8,467 points, and headed towards the lowest point at 8,154 points, losing 4 percent. At the end of the session, it closed at 8,154 points, losing 350 points by about 4 per cent, and liquidity rose 15 per cent by about 1.2 billion riyals to reach 9.2 billion riyals, while traded shares increased 12 per cent by about 39 million shares to reach 364 million shares traded. It rose 13 per cent by about 46,000 deals to reach 404,000 deals.

Sectors performance
All sectors retreated, led by “capital goods” by 9.7 percent, followed by “consumer services” by 9.4 percent, and in third, “investment and financing” by 9 percent.
The highest turnover was “basic materials” by about 19 per cent with a value of 1.7 billion riyals, followed by “insurance” by 12 per cent with a value of one billion riyals, and thirdly, “food fragmentation” by about 11 per cent with a value of one billion riyals.

Stock performance
80 companies retreated for the maximum percentage, including the “Refineries” share by about 10 percent to close at 65.70 riyals, followed by “MEPCO” by about 10 percent to close at 17.64 riyals, and “FIPCO” by 10 percent to close at 45.45 riyals. On the other hand, only three shares issued by “Bin Dawood” rose in proportion to the maximum to close at 127.60 riyals, followed by “Anaam Holding” by 0.8 percent to close at 430.80 riyals, and the third “Printing and Packaging” by 0.26 percent to close at 23.50 riyals.
The highest turnover was “Bin Dawood” with a value of 738 million riyals, followed by “printing and packaging” with a value of 276 million riyals, and “Dar Al-Arkan” with a value of 257 million riyals.

Economic Reports Unit

These were the details of the news Saudi stocks fell 4% in the worst session since May …... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT 200 Claude Monet works featured in Jeddah Season