Saudi stocks returned to rise to achieve the best weekly performance since mid-2017 to regain 7000 points, and closed at 7112 points with gains of 508 points, or 7.7 percent.
While the "MT30" index, which measures the performance of blue chip stocks, rose 7.6 percent to close at 978 points.
In a related context, the performance came in line with the previous weekly report, where it was pointed out that purchasing power and cohesion activity around 6600 points will enter the market to an upward wave, but this wave is not expected to be long in light of the high repetitions of profitability and the decline in corporate profits and the continued decline in economic activity . However, the return of the market later is possible in light of the initiatives and support for the private sector.
In that regard, the market will face resistance at 7300 points levels while support is at 6780 points, and the combined profits of the companies announced for the first quarter results amounted to 2.7 billion riyals, a decline of 48 per cent and so far 36 companies have announced, while most companies have not yet announced, with expectations of a delay Companies in the announcement due to the extension of the legal period to announce the results an additional 20 days.
General performance of the marketThe general index opened the week at 6604 points, as it achieved the highest point at 7112 points, gaining 7.69 per cent, and closed at it with gains of 508 points.
Trading values rose 42 percent by about 7.5 billion riyals to reach 26 billion riyals, while traded shares rose 49 percent by about 428 million shares to reach 1.3 billion riyals, while deals rose 25 percent by 221,000 deals to reach 1.1 million deals.
All sectors rose, led by "capital goods" by 13 percent, followed by "energy" by 5 percent, and "communications" by 3 percent. The highest turnover was "banks" by 22 percent at about 5.7 billion riyals, followed by "basic materials" by 20 percent with a value of 5.2 billion riyals, and thirdly, "insurance" by 9 percent with a value of 2.4 billion riyals.
The rise was led by "SABB" by 21.6 percent to close at 24.66 riyals, followed by "Halwani Brothers" by 19 percent with a value of 41.80 riyals, and thirdly, "Al-Babtain" by 19 percent to close at 22.82 riyals.
The decline was "Swicorp" by 3.5 per cent to close at 6.6 per cent, followed by "Bahri" by 1.6 per cent to close at 36 riyals, and "Savola" by 0.49 per cent to close at 40.50 riyals.
The highest turnover was "Al-Rajhi" with a value of 2.2 billion riyals, followed by "Al-Inma" with a value of 1.5 billion riyals, and a third "Sera" with a value of 1.4 billion riyals.