By Majid Al-Shabib
Riyadh – Mubasher: Saudi Stock Exchange (Tadawul) slipped on Monday, thus reversing an uptrend that last for three successive sessions.
The main index, or TASI, shed 34 points, or 0.5% to close at 6,311 points.
The market slide was driven by petrochemical and telecom stocks, mainly Mobily that fell by 4.7%.
Monday’s traded value grew to SAR 4.5 billion, from SAR 3.9 billion a session earlier, while traded volume amounted to 290 million shares exchanged in 108,000 transactions.
The market’s decline was triggered by the fall in Brent and NYMEX in early trading, according to technical analyst Ahmed Al-Maliki.
He added that local equities would resume their gains and the main index volatility would move back above the 6,300 level NYMEX steadies above $40 per barrel.
Eleven sectors were in red, led by telecoms (-2.2%), then industrial investment (-1.1%). Petrochemical industries shed 0.85%.
The banks sector fell by 0.4% pressured by Al-Rajhi Bank and NCB.
Meanwhile, four other sectors were in green, topped by multi-investment (+1%), then energy (+0.6%) and real estate development (+0.2%).
According to the analyst, the index should maintain its position above the support levels of 6,220 points and 6,050 points to be able to continue the rally.
Translated by Sayed Abdel Rahman
