Riyadh – Mubasher: The main index of the Saudi Stock Exchange (Tadawul) ended Sunday’s session in the green after rising 0.86% or 56 points to reach 6,555.87 points.
Sunday’s closing is the highest since the Brexit vote, thus supporting the market’s positivity despite weak liquidity, according to financial analyst Ibrahim Al Ghannam.
The index is technically still exhibiting the bearish trend and should exceed the 6,560 point-level to reverse such trend, he said, adding that a break above this level is expected to be supported directly by the petrochemicals and cement sectors.
Turnover retreated to SAR 2.92 billion on Sunday from SAR 4.27 billion achieved in the previous session.
Trading volume also marginally slipped to 256.3 million shares, compared to 257.3 million shares in the previous trading session.
Dar Al Arkan Real Estate Development acquired a third of the liquidity with a traded value of SAR 972.5 million through trading 141 million shares. The stock increased 8.8% to close at SAR 7.06. The real estate development sector topped gainers by 2.55%, followed by the hotel and tourism sector with 2.37%.
On the other hand, the cement sector decreased 0.46%.
Medgulf was the top performer after increasing 9.77% to reach SAR 23.15, followed by Malath Cooperative Insurance and Reinsurance which advanced 9% to stand at SAR 16.30.
Arab National Bank was the worst performer with a 2.3% decline, followed by the Saudi British Bank (SABB) by 1.8% and Saudi Vitrified Clay Pipe Co. by 1.6%.
