By: Waleed Abdulsalam
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Tuesday’s trading in red for the second session in a row, as the main index opened at 7,076.88 points and then dropped to 7,006.63 points two hours later.
Tadawul All Share Index (TASI) lost 0.65% or 45.77 points and closed the session at the level of 7,031.11 points, moving further away from the area of 7,100 points.
Technical Analyst Abd El-Wahab Al-Wouhaiby told Mubasher that reached the levels of 7,234 points in previous session is considered as an indicator to the end of the rising wave which started not so long ago, and after the end of the correction wave that currently dominates the market we might see the index exceeds this level to 7,500 points.
Traded values declined to SAR 4.3 billion ($1.14 billion) compared to SAR 5 billion ($1.3 billion) on Monday’s session, while volumes registered 259.8 million shares down from 278.9 million shares.
Al-Wouhaiby expects Wednesday’s session to see great caution and anticipation for the announcement of the Saudi public budget on Thursday.
Technically, SABIC is currently the main driver of the market after many speculations it could bounce and help the market restore gains and push other stocks up.
As for the sectors performance, 14 closed in red, led by cement which lost 1.18% as Yamama Cement and Northern Region Cement declined by 2.2% and 1.6%, while Saudi Cement remained Stable.
Petrochem decreased by 0.61% on the back of SAFCO which lost 1.29% closing at SAR 75.5, while SABIC added 0.55% and closed at and SAR 92.
The banks sector saw a 0.49% decline as Al Ahli, Al Rajhi and Saudi Fransi declined by 2%, 0.03% and 1% respectively.
On the other hand, telecom and energy gained 0.45% and 0.37 respectively.
Saudi Ground Services led the session’s decliners and dropped 5.45%, while Mediterranean and Gulf Insurance and Reinsurance was the biggest gainer and added 4.42%.
Dar Al Arkan was the most active in traded volumes with around 73 million shares, while SABIC registered the highest turnover at SAR 434.8 million.
