The Saudi stock entered the last week of trading before closing for the Eid al-Adha holiday, which falls at the end of the week, amid optimism that the positive trend would continue with the expected sales ahead of the holiday.
The Saudi Stock Exchange (Tadawul) announced that trading will discontinue for the holiday, from July 28 to August 5.
The general index of the stock market ended its weekly trading with stable indicators at the point levels achieved last week, as transactions closed at 7,426 points, without any change from last weeks’ results.
The volume of traded stock reached 1.5 billion shares, with a total trading value of $8.4 billion, through 1.5 million executed transactions.
The market value of all the shares listed in Tadawul until the end of last week reached $2.2 trillion.
The technical analysis indicates that the market closed with a stable weekly trading, despite the high pressure it experienced as a result of the successive disclosure of the financial performance results of listed companies.
It saw a rise in results, meaning traders have confidence in the market amid the current situation and general economic climate in the country.
The stock market is expected to continue closing above the 7,411-barrier, which is an ideal option for the speculators, while the 7,350-point level will be a safe option for investor traders ahead of the holiday.
Last week, a group of companies announced their financial results, highlighting the tangible impact of the coronavirus.
The Saudi Arabian Mining Company (Maaden) announced a $115.7 million loss in the second quarter of the year.
In the banking sector, Riyad Bank, one of the largest banks in terms of capital, announced that its second-quarter profit fell to about 30 percent, achieving $282 million.
