By Mohammed Idries
Riyadh-Mubasher: Tadawul All-Share Index (TASI) rose 0.06% or 3.76 points to reach the 6,486 level on Monday.
Ahmed Al-Maliki, a capital market expert, said the index hit the 100-day average resistance of 6,526 points, and then declined near its opening at 6,486 pts, forming a candlestick near the Doji candlestick.
He told Mubasher that oil prices declined below $41 on the rise in rig counts for the first time since December as well as worries about oversupply especially as Iran plans to increase its output.
Investors are anticipating the first-quarter financial results which are expected to reflect a decline in consolidated earnings, and this will define the market’s general trend in the next period.
More than 344 million shares were exchanged through over 144,000 transactions at a total value of SAR 6.6 billion.
Tracking stock performance, 74 moved higher, spearheaded by Metlife which rose 9.78% to SAR 41.20. Meanwhile, 83 moved lower, led by Wafa Insurance which declined by 3.8% to SAR 9.60.
The building and construction topped the nine advancing sectors with a rise of 0.9%. Insurance had the second-best showing, adding 0.81%. Meanwhile, six sectors declined, led by the media and retail which fell 2.54% and 1.14%, respectively.
Alinma Bank was the most active with a traded volume of 29.5 million shares, while SABIC led in turnover with SAR 1 billion.
Translated by Abdul Maguid Aboshahla
