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Saudi stocks rose for the second session, to close at 8,720 points, gaining 40 points from 0.46%, while the MT30 index, which measures the performance of major stocks, rose three points from 0.29% . The rise came amid the rise in most sectors and stocks. Performance improved, driven by the rise in small and medium stocks, where the main stocks performed less. The increase came at a slower pace than in the previous session, with liquidity increasing 5% to 11 billion riyals, less than what it traded on the weekend at nearly 14 billion. riyals. The speculative trend is still active and the market expects levels of 8765 points and the ability of the market to reach new levels for this year. The fact that the market continues to reach new levels strengthens the appetite for risk and attracts more liquidity to the market. The market is still at high price points, relative to returns, and it is forcing companies to double their profitability over the next 12 months to keep profit multiples at acceptable levels, relative to what the market is doing. is used to, and amid the high uncertainty over profitability and corporate performance in the face of pandemic developments, the bullish wave does not appear to be sustainable This makes the risks high and the possibility of the market being exposed to possible sudden waves of correction.
Overall market performance
The broad index opened yesterday’s session at 8,682 points, trading between high and low. The lowest point was at 8,648 points, losing 0.37 percent, while the highest point was at 8,730 points, gaining 0.58 percent. At the end of the session, the index closed at 8,720 points, gaining 40 points, or about 0.46%. Liquidity increased 5% from around 603 million riyal to 11.5 billion riyal, while shares traded increased 5% from around 18 million shares to 367 million shares traded, and transactions grew 9% from around 37,000 transactions to 447,000 transactions.
Sector performance
Seven sectors retreated against the increase in others. The decline was led by “luxury retail” by 0.45 percent, followed by “communications” by 0.38 percent and the third by “energy” by 0.25 percent. While the rise was led by “long-term commodities” by 4.1%, followed by “property management and development” by 1.4% and “insurance” by 1.1%.
The highest turnover was from “raw materials” of about 21% with a value of 2.4 billion riyals, followed by “insurance” 21% of about 2.3 billion riyals and, third, about 9% “food production” with a value of 978 million riyals.
Stock performance
The rising shares were led by “agricultural markets” by 10 percent to close at 32.45 riyals, followed by “Zoujaj” by 9.9 percent to close at 28.80 riyals and by “Al-Aseel” 9.4 percent, to close at 83.30 riyals. On the other hand, the decline was led by “Baazeem” of 5 percent to close at 95.50 riyal, followed by “Al-Fakharia” of 3.3 percent to close at 97.30 riyal, and by ” Al-Watania “by 1.9 percent to close at 47.25 riyals.
The highest turnover was “Malath Insurance” with a value of 444 million riyals, followed by “Naseej” with a value of 435 million riyals and “Al-Asmak” with a value of 397 million riyals .
Economic Reports Unit
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