Technical pressure dropping the value of stock trading to 28 billion riyals

Saudi stocks declined for the second week, to close at 8,807 points, down 0.78% by about 69 points in light of technical factors that are not supportive of the market. The value of transactions amounted to 28 billion riyals, down 9 billion riyals from the previous week, as dealers awaited the results of companies, most of which did not announce their financial results. The general index opened at 8,876 points, heading towards the lowest point in the week at 8,739 points, losing 1.5%, and at its end it closed at 8,807 points, losing 69 points, or 0.78%.

Trading values ​​decreased 25% by about 9.4 billion riyals to reach 28 billion riyals, while traded shares fell 30% by about 355 million shares to reach 838 million shares traded, and deals decreased 20% by about 329 thousand deals to reach 1.3 million deals. Khaled Al-Hussan, the chief executive of the market, said that plans to offer the stock exchange for public subscription will be announced during the current year and that the listing may take place within two years. He expected that the total number of public offerings for the current year would exceed last year’s level of 22, stressing that this would be a strong indication of the Saudi companies ’view of listing, explaining that liquidity has tripled despite” Covid 19 “, and the number of qualified foreign investors who opened portfolios increased by 26%. More than 100,000 local investors joined the stock market. In 2016, Tadawul chose HSBC to manage an initial public offering that was planned for 2018, but it was suspended due to the listing of Aramco in late 2019, which had an unprecedented $ 29.4 billion in proceeds.

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