Dar Al-Arkan has witnessed strong buying in the last hour of today’s trading, rising 4.6% to close at SAR 14.78.
Trading volume reached 78 million shares, exchanged at a turnover of SAR 1.1 billion. The trading volume in the last hour represented 69% of the market’s total trading volume. This volume is the largest since August 27 when it reached 81.9 million shares.
Economist Mohammed Al-Suwaid told Mubasher in an exclusive that imposing charges on white land might have led Dar Al-Arkan to incur huge losses, especially as the real estate developer raises loans secured by these land plots. He added that if this decision was approved, it would lead to confusion in the market.
There were concerns among investors about implementing this decision; however, it was canceled, Al-Suwaid noted, adding that the local real estate sector is currently facing no problems.
The economist expected that this sector will report positive financial results for the remaining quarters of this year.