By: Thabet Shehata
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Monday’s trading in green, as the main index continued its rising trend for the second consecutive session on the back of gains by banks and telecom sectors.
However, the main index gains were offset by the decline of the petrochemicals sectors.
Tadawul All Share Index (TASI) gained 0.13% or 9.39 points and closed at the level of 7,247.34 points.
Market analyst, Mohamed Al-Maymouni, told Mubasher that Tadawul is expected to maintain the rising trend on the medium and long runs, but on the shout run it is expected to move horizontally between 7,180 and 7,280 points.
Traded values increased significantly to SAR 5.84 billion ($1.56 billion) compared to SAR 4.46 billion ($1.19 billion) last session, while traded volume rose to 326.95 million shares from 264 million shares.
As for the sectors performance, multi-investments added 1.42% as Saudi Advanced Industries surged 10% to SAR 14.3.
Al-Maymouni added that the benchmark index has vital support levels at 7,100 and 7,000 points, while resistance levels are between the levels of 7,280 and 7,350 pointas.
The telecom sectors grew 1.07% as STC and Mobily went up by 1.54% and 0.08% and closed at SAR 73.75 and SAR 24.15 respectively.
The banks and financial services sector levelled up by 0.07% as Al-Rajhi and Al-Ahli increased by 0.59% and 0.33% respectively.
On the other hand, the petrochem sector slipped 0.06% as SAFCO lost 1.39% and closed at SAR 75.25, while SABIC gained 0.28% to the level of SAR 91.75.
Saudi Advanced Industries Company (SAIC) led the session’s gainers and surged 10% as mentioned before, while SASCO led the decliners and dropped 9.93% to SAR 18.6.
Tadawul is expected to see a positive performance in the upcoming months, according to a recent report by Jadwa Investments.
