By Mohamed Idries
Riyadh – Mubasher: Saudi equity market, or Tadawul, strengthened on Tuesday, propelled by the petrochemical stocks.
The main index rose as much as 1.45% or 88.16 points to close at 6,181 points.
The petrochemical industries sector rose by 23%, while banks and financial services gained 16 points.
The stock market’s trend is upwards, said Ali Al Jaafari, financial advisor, adding that resistance points stand at 6,165 and 6,220 and then 6,350 and 6,430, while primary support levels are at 6,015, 5,980, and 5,750 points.
The Saudi market is currently steered by external factors mainly oil prices and global markets, according to the analyst.
Today’s traded volume exceeded 372 million shares, exchanged n more than 132,000 transactions at turnover reaching SAR 6 billion.
Sectors were in green, topped by telecommunication (+2.51%), then agriculture (+2.43%) and petrochemical industries (+2.28%). The banks and financial services rose by 0.78%, while media and publishing tailed the list with a slight rise of 0.01%.
Tracking stock performance, NADEC was the best performer (+9.8%), followed by SACO (+8.1%) and Mobily (+6.2%).
On the negative front, SPIMACO was the biggest drag (-1.93%), followed by Saudi Industrial Export (-1.34%) and National Gypsum (-1.23%).
Alinma Bank was the top active in terms of traded value and volume, upon trading 57.3 million shares at SAR 763.5 million. Saudi Kayan came second with 47.9 million shares then Dar Al Arkan with 31.5 million shares.
Giant petrochemical producer SABIC recorded the second biggest traded value of SAR 576 million, then Saudi Kayan with SAR 241.3 million.
Translated by Sayed Abdel Rahman
