Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Wednesday’s trading in red for the first session in 2017, as Tadawul All Share Index (TASI) lost 0.73% or 52.65 points and closed at the level of 7,198.11 points.
According to financial analyst, Abdullah Almeqdad, the market currently awaits stimulus from the announcement of the quarter financial results and cash dividends distributions, which might come lower than expected due to cutting governmental subsidies and the higher energy prices.
Almeqdad also told Mubasher that the current trend for the main index is moving horizontally, with a marginal decline due to the speculations and profit making in some sectors, he also noted that oil producers are keen to commit to the OPEC output deal which in turn might help oil prices regain level at $60 per barrel.
Only transportation, energy, industrial investment, and media and publishing sectors rose on Wednesday, while the rest of sector indices closed in red.
As for the stocks, 126 declined while 44 closed in green.
Arabian Shield led the session’s gainers and surged 9.91%, while Thimar led the decliners and dropped 4.53%.
The analyst also noted that the TASI is expected to maintain support levels at 7,142, 7,100, and finally at 6,875 points.
It is also expected that the performance of the petrochem sector will improve in the upcoming period.
