By: Thabet Shehata
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Sunday’s trading in the green for the third session in a row, as the main index reached its highest level in almost a year.
Tadawul All Shares Index (TASI) added 0.52% or 36.68 points, and closed at the level of 7,130.34 points, its highest level since last December.
The Saudi market is expected to see a correction wave after the main index approached the level of 7200 points, it could reach the level of 6880 to 6700 points during the correction, financial expert Aly Al-Zahrani told Mubasher.
Al-Zahrani added that if the main index couldn’t maintain these levels in the correction wave it go below 6500 points, but it should maintain the support level at 6,250 points in December.
Traded values declined to SAR 6.6 billion ($1.76 billion) compared to SAR 6.7 billion ($1.8 billion) in the previous session, while traded volumes increased to 428.77 million shares from 402.93 million shares on Thursday.
As for the sectors performance, all closed in greed while telecom as well as media and publishing closed in red, losing 0.96% and 0.77% respectively.
The insurance sector was biggest gainer and added 2.5% as Saudi United Cooperative Insurance (Walaa) led the rising stocks and surged 9.78% to SAR 19.75, all of the sectors’ stocks also rose except for Al Rajhi for Cooperative Insurance and Alahli Takaful.
Meanwhile, banks and petrochem sectors levelled up by 0.19% and 0.03% respectively.
Walaa led the gainers and surged 9.78%, while Ash-Sharqiyah Development was the session’s biggest loser and dropped 3.57% to SAR 44.4.
Dar Al Arkan was the most active in both traded volumes and values with 119.2 million shares and a total turnover of SAR 720 million.
Translated by: Moslem Ali
