Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) is expected to continue its recovery if it exceeds 7,560 points, analysts told Mubasher.
On the short-term, the Tadawul All Shares Index (TASI) will see resistance at 7,560 points, said technical analyst Safaa Fares, noting that passing that level will open the way for new resistance at 8,000 points.
If TASI’s breaks below support at 7,200 points, the index will fall to 6,950 points, Fares added.
Having exceeded 7,209 points, this level will become a support level for TASI, which should move towards the levels of 7,450 and 7,820 points, technical analyst Osama Elsadamy stated.
Tadawul closed in the green zone in the first half of 2017, after surging 14.24% or 925.84 points to reach 7,425.72 points.
Market capitalisation amounted to about SAR 1.8 trillion ($470.40 billion) by the end of the first half of 2017.
The total value of exchanged shares during H1-17 reached SAR 436.19 billion ($116.32 billion).
In the week ended 22 June, Tadawul’s main index levelled up 8.87% or 675 points, reaching 7,494.03 points, registering its highest level since March 2011.
Trading on Tadawul will resume on Sunday, 2 July following the week-long Eid Al Fitr vacation.
