By: Thabet Shehata
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Monday’s trading in the red zone, after closing in green for three sessions, the main index was affected by the negative performance of banks and petrochem sectors.
Tadawul All Shares Index (TASI) lost 0.34% or 24.12 points and closed at the level of 7,106.22 points, maintaining the level of 7100 points after offsetting losses before the session end.
Experts previously forecasted Tadawul to witness a correction wave in their remarks to Mubasher, and today financial analyst Amer Al-Shahri said that the market’s decline is very normal as it comes after the bourse saw many gains in the last period.
Al-Shahri added that the main index is still maintaining its support levels.
Closing above 7,070 points is considered positive, said Al-Shahri, and if the market was to keep it, it can return to positive performances and hit new highs.
Traded values saw a noticeable decline, registering 5.876 billion ($1.57 billion) down from SAR 6.6 billion ($1.76 billion) in Sunday’s session.
Likewise, traded volumes decreased to 336.2 million shares compared to 428.77 million shares on the first session of the week.
If the profit making continued until the market broke the level of 6,900 points, we can except to see a correction wave, Al-Shahri noted.
The agriculture and food industries sector shed 1.59%, as Savola dropped 3.3% to the level of SAR 38.7.
The baks sector went down 0.9% after Al-Rajhi and Al-Ahli lost 1.11% and 0.64%, to SAR 63.25 and SAR 42.20 respectively.
Meanwhile, petrochemical industries slipped 0.11% as SABIC and SAFCO levelled down by 0.18% and 0.92% respectively.
On the other hand, media and publishing gained 1.45% as Research and Marketing, as well as Printing and Packaging grew 1.55% and 2.22% respectively.
Similarly, the telecom sector added 0.88%, as STC increased 0.32% to SAR 72.5, and Mobily went up 0.12% to SAR 24.55.
Translated by: Moslem Ali
