Saudi shares lose 50 points in continuation of a bearish wave since the beginning of the week

Saudi shares fell for the third session to close at 8907 points, down 50 points down 0.56%, while the "MT 30" index fell 0.85% by 11 points to close at 1300 points. The decline was under pressure from "Basic Materials" led by SABIC.
The market remains at 8,880 levels of support, and closing is approaching and has witnessed the session unlike the previous market rally during the session and trade in the Green Zone. Continued market consolidation at support levels is important to return above 9,000 and target the highest level of the market for this year. SABIC remains the biggest compressor of the index, the results of its subsidiaries not having a positive performance in the second quarter, and the stock could have difficulties to consolidate in the absence of results of the company. For its part, Etisalat announced positive results with a 17% growth in the second quarter, an improvement in profitability margins and revenues, and outperformed the market expectations, allowing its action to support the market in case of pressure from other sectors.
Overall market performance
The overall index was open at 8957 points, and the session between the highs and lows, the highest point at 8985 winning 0.31%, while the lowest point at 8907 points was losing 0.56%. At the end of the session, he closed at 8,907 points, losing 0.56% to 50 points. Trading values ​​decreased 5% to $ 2.6 billion, or $ 28,000. Shares traded decreased by 12%, from 13 million to 96 million, with a turnover of 0.17%. Transactions dropped by 10% to around 9,000.

Sector Performance
Nine sectors grew, with a 5% increase in "technology applications and services", followed by "food segmentation" of 1.5% and "luxury goods" of 0.50%. "Media and Entertainment" exceeded 1.85%, followed by "Telecommunications" by 1.59% and "Energy" by 1.55%. The highest turnover was of "banks" of 29% (755 million RS), followed by 24% ("Basic Materials") of 616 million RS and "telecommunications" of 10% of 269 million of RS.

Stock performance
Mays rose 5% to close at SAR58, followed by Arab Cement 2.8% at SAR 29.15 and GSADCO 2.7% at SAR 12.76. Etihad Etisalat was down 3.8% at SAR24.04, followed by Alujain by 2.78% at SAR23.04 and AXA Cooperative at 2.63% at SAR 25.30. The highest turnover was Al Rajhi (387 million SR), SABIC (235 million SR) and Etisalat (193 million).