Saudi stocks achieved their best daily performance in five months, breaching the 11,000-point barrier with gains of 1.5 percent, equivalent to 165 points, with support for most sectors.
The performance was consistent with the previous analysis, as it was indicated that the market was seeking to reach levels of 11 thousand points. The market closed at its average annual performance, so you may find an increase in selling pressure, but the market still has opportunities to try to reach 11,170 points. The decline in inflation in the United States contributed to the rise in the market, which strengthened investors’ expectations regarding the stabilization of interest rates and their imminent decline, which is the most prominent factor pressuring the financial markets during the recent period. However, the improvement in morale will not be enough to sustain the market for a long period if no statements or decisions appear. Interest rates are consistent with market expectations.
Overall market performance
The general index opened at 10,904 points, and recorded the highest point at 11,022, at which it closed at the end of the session, gaining 165 points, or about 1.53 percent. Liquidity rose 38 percent by about 1.9 billion to reach 6.9 billion riyals, while traded shares fell 8 percent by 20 million to reach 242 million traded shares. As for deals, they increased by 80,000 by about 22 percent, reaching 448,000 deals.
Sector performance
Three sectors declined compared to the rise in the rest. The rise was led by medicines by about 3.9 percent, followed by basic materials by 2.78 percent, and third was communications by 2.71 percent, while the decline was led by energy by 1 percent, then media and entertainment by 0.38 percent. Third, long-term commodities by 0.33 percent.
The highest turnover was the banking sector, at about 24 percent, with a value of 1.6 billion riyals, followed by energy, with 11 percent, representing 788 million riyals, and basic materials, with 11 percent, at about 775 million riyals.
Stock performance
The shares that rose the most were led by the Arabian Sea by about 9.89 percent to reach 5.89 riyals, followed by the pharmaceutical company by 6.03 percent to reach 30.75 riyals, and Al-Munjam stock came third by 5.92 percent, closing at 68 riyals. On the other hand, the stocks that declined the most were led by Atheeb Telecommunications by 9.94 percent to close at 152.20 riyals, followed by pipelines by 3.31 percent to 111 riyals, and Arabian Drilling came third by 2.88 percent to close at 182.20 riyals.
The highest turnover was Al Rajhi Bank shares with a value of 739 million riyals, followed by Saudi Aramco with about 505 million riyals, and the National Bank came third with 463 million riyals.