By Majid Al-Shabib
Riyadh-Mubasher: Tadawul-All Share Index (TASI) extended its downward trend for the fourth straight day, closing below the 6,300 level for the first time in eight sessions.
The index lost 94 points or 1.48% to reach the 9,256 level, with SAR 4.8 billion in total turnover.
The market was pressured by the real estate and telecom sectors which fell 5% and 3%, respectively.
Technical analyst Mohammed Al-Asiri told Mubasher that the market was impacted by investors' anticipation of the first-quarter financials, especially as they are worried about the effects of lifting the energy and fuel prices on the results.
He added that the index may see stability near the 6,000 level. "We should take into account oil prices which would face support at $38 this week."
The insurance and energy were the only sectors which moved higher today. Meanwhile, the real estate and telecom led decliners.
Tracking stock performance, 125 declined, led by MetLife which fell 10%, followed by Jabal Omar which was down 9.3%. Meanwhile, 40 stocks rose, topped by Wafa Insurance and Buruj which added 10% and 6.7% in a row.
Translated by Abdul Maguid Aboshahla
