Riyadh – Mubasher: The overview for the Saudi Stock Exchange (Tadawul) is likely to remain stable on the medium-term, amid the improvement in the market’s indices, while preserving weekly closing levels above 5,900 points, according to Aljazira Capital.
It is likely that the main index will surpass the 20-week average level at 6,200 points, which will contribute to the market’s rising momentum, according to the monthly technical analysis report published on Sunday.
The investment company also expected the index to stay above the 10-week average level, with the most important support levels to be at 5,900 and 5,700 points, respectively.
As for the monthly movement, the benchmark index was able to change its downward trend after three consecutive months, after breaking the most important level at 6,400, which was a negative sign on the medium-term, Aljazira Capital added.
Although all the technical indices are negative for the monthly movement, the rebound from the levels of the previous base, amid higher selling pressures, would contribute to decreasing concerns related to the banks sector after the positive impact of the increase in the volume of the government deposits in banks and the liquidity volume.
