By: Mohamed Idris
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Sunday’s trading session in the red zone, as Tadawul All Shares Index (TASI) lost 0.88% or 58.39 points and closed at the level of 6,570 points.
The main index is maintaining its level above 6,500 points, despite many corrections that saw the market cap drop 1% of its total value, however, it cannot be asserted that the raising trend will continue unless the index surpass 6700 points to the level of 7000 points, this will indicate new high levels, financial analyst Abdallah Al-Gabaly told Mubasher.
Al-Gabaly added that if the main index were to go below the level of 6500 points, it can widen losses to the levels of 6100 and 5800 points.
A drop in oil prices can be the main trigger that leads the market to a series of negative performances where it can see new lows, this shall be determined after the next OPEC meeting in the Vienna where producers are expected to limit crude output.
Traded volumes totalled 250 million shares, with a turnover of SAR 3.7 billion ($1 billion) through 110,000 transactions.
Today, 81 stocks closed in green, led by AlRajhi Takaful which surged 9.79% and closed at SAR 29.5, followed by GACO, and United Cooperative Assurance which jumped 8.46% and 8.27% closing at SAR 8.85 and SAR 13.35 respectively.
On the other hand, 83 stocks declined, led by Sipchem which dropped 5.64% to SAT 14.85.
As for the sectors performance, REITs led the session’s 10 decliners and lost 2.92%, followed by telecom with 2.41%, and transportation with 2.39%, while 5 sectors rose, led by insurance and hotels as both gained 0.48%, while energy remained unchanged.
Dar Al Arkan was the most active in traded volumes with 41 million shares, closing at SAR 5.5, while Alinma Bank registered the highest traded value with SAR 240.7 million, as it slipped 0.14% to SAR 14.15.
Translated by: Moslem Ali
