By Mohammed Idries
Riyadh-Mubasher: Saudi Stock Exchange (Tadawul) climbed 1.65% or 97.09 points to close Monday at the 5,977.70 level.
Ahmed Al-Maliki, capital market expert, said the bourse got a boost from external factors such as the decline in U.S. rig count and remarkable increase in oil prices.
He told Mubasher that if the index holds position above the 5,900 level, it will target the 6,060 and 6,300, noting that breaking the 5848 will signal the end of the current uptrend.
This positive outlook for local and global markets in the short term will be confirmed if oil prices exceed $33.50, Al-Maliki said.
Saudi Telecom moved sideways between SAR 60-70 on Monday after the company said a Saudi court issued a final rule on re-forming a committee to evaluate Al Faisaliah land. “It is too early to say that the stock completed its uptrend unless it closes above SAR 72.”
The expert also said breaking the SAR 60 signals more correction in the stock performance.
STC closed today at SAR 66.
More than 367 million shares were traded through 150,000 transactions at a total traded value of SAR 6.2 billion.
Gainer outnumbered losers 152 to 13. SABB Takaful was the top advancer, rocketing 9.94% to SAR 24.45, followed by Mesc which climbed 9.8% to SAR 6.95.
On the other hand, Eastern Cement was the big drag, falling 1.35% to SAR 33.70, followed by GO which lost 1.16% to SAR 4.25.
Alinma Bank was the most active in terms of traded volume with 47.2 million shares. Meanwhile SABIC led in traded value with SAR 749 million.
Yousef Al-Benyan, CEO of SABIC, told Mubasher that his company does not face any anti-dumping cases currently as India cancelled probe on SABIC’s case last week.
Translated by Abdul Maguid Aboshahla
