By: Waleed Abd El-Salam
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) continued its declining trend on Wednesday for the third consecutive day, as the main index opened at 7,108 points and then declined to see its lowest points at 7,050, before offsetting some its losses.
Tadawul All Share Index (TASI) lost 0.6% or 42.2 points, and closed the trading session at the level of 7,066.4 points.
Financial analyst, Salem Al-Showiman, told Mubasher that he think the correction and profit gaining wave is still controlling the market, which started after the main index reached its peak at 7,234 points, with a support level at 7,027 points which formed on 5 December.
Al-Showiman explained that the market is still have speculation trading, adding that there are other factors to consider, such as the federal reserve meeting, oil prices, and the approaching announcements of the company’s financial results.
The decline was accompanied by a decline in traded values which registered SAR 4.5 billion ($1.19 billion) compared to SAR 4.8 billion ($1.27 billion) on Tuesday, while volumes decreased to 281 million shares from 290 million shares yesterday.
As for the sector’s performance, multi investment saw the biggest losses and declined by 3%, after Aseer and SACO lost 4.2% and 4.9% respectively.
The petrochem sector fell by 1%, after most of its stocks closed in red, except for SABIC which added 0.12% and helped narrowing the sector’s losses today.
Banks slipped 0.08%, as Al Inma and SABB edged down 0.14% and 0.62%, while Al-Rajhi gained 1%.
On the other hand, cement levelled up 0.09% as Saudi Cement and Yamama added 0.36% and 0.01% respectively.
Similarly, the energy sector rose 0.58%, as Saudi Electricity went up by 0.7% to SAR 19.75, while GASCO decreased by 0.86%.
Meanwhile, While 135 stocks closed in red, only 29 closed in green, as Alujain led the session’s decliners and dropped 9.05%, while Walaa was the biggest gainer and added 0.77%.
Dar Al Arkan recorded the most active in traded volumes with 76 million shares, while SABIC registered the highest traded values with a total turnover of SAR 476.22 million.
