By: Mohamed Idris
Riyadh – Mubasher: The main index of the Saudi Stock Exchange (Tadawul) grew 0.76% or 45.85 points to close at 6,106 points on Sunday.
The index is now at a selling zone, which extends between 6,100 and 6,200 points with the target of 6,150 points, Ali Al-Zahrani, acting asset manager at Musharaka Capital Company told Mubasher.
Al Zahrani added that if the index break the level of 5,930 points, it will go bank to a level lower than 5,800 points.
He pinpointed that reaching high levels amid lower oil prices to the level of $45 and global market’s situation justifies the optimistic state in the market, which he added that it may approached its end.
The analyst expected that the market may witness a correction movement on the short-term, as this week is very important because of the US presidential elections.
Claims are pointing to the probability of the non-application or the postponement of the municipality fees, which would make the index tend to fluctuation tomorrow.
Traded volume reached 223.3 million shares at a value of SAR 3.1 billion ($826 million), through 77,400 transactions.
Qassim Agricultural Co led the gainers and increased 6.81% to SAR 8, followed by Saudi Cable Co and Al Hokair which advanced 5.97% to SAR 5.15 and 5.40% to SAR 24.40, respectively.
On the other hand, Al Hassan Ghazi Ibrahim Shaker lost 3.59% to SAR 13.15.
The telecommunication sector led the best performers rising 1.93%, followed by the retail and transport sectors which added 1.67% and 1.42%, respectively.
On the contrary, the industrial investment and multi investment sectors led the worst performers losing 0.20% each.
Dar Al Arkan was the most active in terms of traded volume trading 42 million shares. The stock shed 0.20% to SAR 5.
Al Inma Bank was the most active in terms of traded value with SAR 456.9 million, rising 0.86% to SAR 14.
Translated by: Sara Ghali
