Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Sunday’s trading in the red zone for the fifth consecutive session.
Tadawul All Share Index (TASI) lost 0.74% or 52.26 points, and closed at the level of 7,046.38 points, its lowest level in 10 sessions.
The current downwards trend could lead the main index to go below the level of 7,000 poinrs, according to financial analyst, Ali Al-Zahrany, he also noted that the index could potentially lose around 100 points reaching 6,930 points, he attributed that to pressure from the banks sector, especially with the
Al-Zahrany added that current pressure could be followed by a test to the mentioned level, to later reveal new purchasing opportunities, especially with the announcement of financial results, the market stability, and the rise in oil prices.
Purchasing openings will soon be seen by Tadawul unless the benchmark index breaks the level of 6,970 points, which is considered the stop-loss level.
Tadawul All Share Index (TASI) has now lost 1.91% or 136.78 points in five sessions.
Traded values decreased by 18.33% to SAR 3.37 billion from SAR 4.14 billion on Thursday, reaching its lowest figure since mid-January.
Volumes also went down by 18.83% to 170.75 million shares compared to 210.36 million shares on last session, its lowest level since 19 October.
As for the sectors performance, all closed in red except for retail which gained 0.06%, while media and publishing saw the biggest losses and dropped 3.3%, followed by commercial and professional services with 2.56%, energy 2.54%, banks, 0.9%, and telecom with 0.71%.
Only 37 stocks closed today’s session in green, while 125 stocks closed in red, and 8 stocks remained unchanged.
Nama Chemicals was the biggest loser and dropped 7.28%, while three insurance companies, Wataniya, ATC, Al-Ahlia were the top gainers surging 7.98%, 3.75%, and 3.51% respectively.
