Saudi stocks lose gains in two sessions due to almost collective...

Saudi stocks returned to decline to lose what they gained in the last two sessions, closing at 8,123 points, losing 75 points, about 0.93 per cent, while the MT30 index, which measures the performance of the blue-chips, fell seven points by 0.70 per cent. The decline came with almost collective pressure from sectors and most stocks, but the market still maintains its levels above 8,090 points, which leaves opportunities for market cohesion, as the market will witness more selling pressure driven by stop-loss operations in the event that the index falls below those levels. The decline in oil prices coincided with the decline in oil prices, as Brent crude lost nearly 5 percent during yesterday’s session. Despite the decline, the market is still witnessing a rise in a number of stocks at the maximum rate, which shows the continuation of the speculative trend. With the approaching deadline for the disclosure of financial results for the third quarter, the intensity of advertisements will increase the performance of companies, which may affect the extent of market volatility and movement during the coming sessions, especially if the results are contrary to expectations.
Overall market performance
The general index opened yesterday’s session at 8213 points, trading between high and low. The highest point was at 8223 points, 0.3 per cent, while the lowest point was at 8113 points, losing 1 percent. At the end of the session, the general index closed at 8,123 points, losing 75 points, by about 0.9 percent. Liquidity rose slightly by 2.5 percent by about 195 million riyals to reach 7.9 billion riyals, while traded shares settled at 319 million shares, and deals rose 6 percent to 388,000 deals.
Sectors performance
All sectors, except for the “retail luxury”, declined by 0.38 percent. The decline was led by “public utilities” by about 3.5 per cent, followed by “management and development of real estate” by about 2 per cent, and by “medicines” by about 1.9 per cent.
The highest turnover was “basic materials” with a value of 1.4 billion riyals, by about 18 per cent, followed by “insurance” by about 15 per cent with a value of 1.2 billion riyals, and the third was “food production” by about 11 per cent with a value of 894 million riyals.
Stock performance
The rising shares were led by “Anaam Holding” for the maximum, to close at 71.50 riyals, followed by “refineries” by 9.9 percent to close at 71 riyals, and by “Zamil Industrial” by 9.9 percent to close at 20.62 riyals. On the other hand, the decline was led by “Solidarity Takaful” by 6.6 percent, to close at 16.64 riyals, followed by “Al-Hokair Group” by 6.3 percent to close at 13.94 riyals, and by “Al-Maather Reit” by 6.1 percent, to close at 9.48 riyals.
The highest turnover was “fish” with a value of 505 million riyals, followed by “Saudi cables” with a value of 297 million riyals, and “Amana Insurance” with a value of 285 million riyals.
Economic Reports Unit