By Majid Al-Shabib
Riyadh-Mubasher: Tadawul All-Share Index (TASI), the benchmark measuring the stocks listed on the Saudi bourse, climbed 1.6% to 6,092 points in February, reversing its declines in the last two months.
The exchange witnessed steep fluctuations in February on some reasons; mainly oil prices, analysts told Mubasher, noting that if the index holds position above the 6,000 level, it will continue adding more points.
Turnover increased by nearly 6% to SAR 121 billion.
Nine sectors moved higher, topped by the energy and cement which soared 9.2% and 6.2% in a row. Meanwhile, six sectors moved lower, led by the hotels and retail which dropped 15.5% and 2.8%, respectively.
Technical analyst Saad Al-Saad told Mubasher by phone that March’s trading will be positive if the index crosses the 6,190 level, adding that the gauge would swing between 6,000 and 6,400 pts.
Al-Saad also said investors are anticipating the meeting of oil ministers in mid-March and the release of Q1-16 corporate financial results.
Badr Al-Rougi, capital market expert, said oil prices failed to cross the $36 level more than one time, and thus they are likely to hit $30 in the short-term.
Despite positive forecasts for TASI in March, it is expected to complete its downtrend from 2014 peak, re-targeting the 5,350 level, Al-Rougi said.
Translated by Abdul Maguid Aboshahla
