By Thabet Shehata
Riyadh – Mubasher: Saudi Stock Exchange, or Tadawul, ended Wednesday’s session on an up note, following a jittery performance along the day, as most sectors were in green and amid strong liquidity.
The main gauge rose by as much as 0.2% or 12.5 points to close at 6,213.58 points.
The market has been moving within a tight range since March, which is expected amid investors’ anticipation for political conditions and ahead of the reporting of corporate results for the first quarter of 2016, said market analyst Khaled Al-Yamani.
Thirteen sectors were in the positive territory, topped by insurance (+1.83%), then telecom (+1.2%). Petrochemical industries rose by 1.02%, while real estate development and banks fell by 0.68% and 0.56% respectively.
The banks sector is technically weak except for Al-Rajhi Bank that gives a positive signal about its expected financial results. Meanwhile, the petrochemical industries sector’s technical trend is ‘solid’ and the sector may target the 4,400 level if it maintains current levels, according to the analyst.
Petrochemical stocks were collectively higher, except for Petrochem that slipped by 0.06%. Giant petrochemical producer SABIC rose by 0.4%.
The banks stocks were in red, led by Al-Rajhi and NCB. STC was the sole decliner in the sector.
Today’s traded value rose to SAR 5.14 billion ($1.37 billion) – the highest in five sessions – compared with SAR 4.85 billion ($1.3 billion) on Tuesday. Traded volume increased to 280.7 million shares from 253 million shares.
SABIC was the most active in terms of value, as it accounted for 16%, or SAR 834.2 million. Meanwhile, Alinma Bank was the volume leader, upon exchanging 64.35 million shares.
Translated by Sayed Abdel Rahman
