Saudi stocks broke the longest winning streak since last September, after falling 154 points by 1.4 percent to close at 10,825 points.
While the “MT30” index, which measures the performance of the leading stocks, declined 23 points by 1.57 percent to close at 1444 points.
The Saudi market abandoned its highest level since September 2014, as the performance was in line with the previous weekly report, which indicated that the market’s inability to exceed 11,000 points would cause concern to dealers, prompting them to sell to reap profits.
The performance of the market during the week is the worst since the beginning of May. The market will face support at 10745 points, breaking it that enhances profit-taking, which pushes the index to levels of 10424 points at least.
The market needs positive stimuli to restore the risk appetite of its dealers and to keep the chances of a return to the upside.
overall market performance
The general index opened the week at 10,671 points, trading between high and low during the week, as the highest point was at 11,063 points, 0.77 percent, while the lowest was at 10814 points, losing 1.5 percent, and at the end of the week, it closed at 10,825 points, losing 154 points, 1.4 in cent. Trading values decreased by 9 percent by about 5.4 billion riyals to reach 56.9 billion riyals, while the traded shares fell 15 percent by about 283 million traded shares to reach 1.6 billion shares, while the deals fell 9 percent by about 218 thousand deals to reach 2.1 million deals.
The “public utilities” sector rose by 2.4 percent, followed by “insurance” by 0.4 percent. While the decline was led by “media” 3.3 percent, followed by “commercial and professional services” 3.2 percent, and “food production” 3 percent.
The highest turnover was “basic materials” 24 per cent with a value of 14 billion riyals, followed by “banks” 9 per cent with a value of 5.2 billion riyals, and “insurance” 7 per cent with a value of 4.2 billion riyals.
The rise was led by “MIS” 19 percent to close at 158 riyals, followed by “Al-Omran” 11 percent to close at 122.80 riyals, and “Tabeeb” 10.7 percent to close at 22.16 riyals. The decline was led by “Fitaihi Group” 7 percent to close at 33.60 riyals, followed by “Al-Ahly REIT 1” 7 percent to close at 12.02 riyals, and “Saudi Pipes” 6.7 percent to close at 32.10 riyals.
The highest turnover was “Pottery” with a value of 1.8 billion riyals, followed by “Al-Rajhi” with a value of 1.6 billion riyals, and “L’azurde” with a value of 1.5 billion riyals.