By: Aseel Bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday’s session in the red.
The main index fell 0.95% or 57.70 points to stand at 6,021.81 points.
Traded volume reached 178.2 million shares with a turnover of SAR 2.72 billion, distributed over 74,000 transactions.
Tadawul gives a sign of a continuous downward performance on the short-, medium- and long-terms, especially after breaking the level of 6,100 points, technical analyst Mohamed Al Maimouny said.
The Saudi market, which is currently witnessing a rebound, is distinguished from the GCC markets by its huge liquidity, the analyst stated, noting that the market used to trade by SAR 8 or 10 billion, but now the turnover has reached SAR 2 billion.
Al Maimouny noted that the decline of liquidity was attributed to the lack of purchase initiatives yet comprehensive and random sales.
The analyst sees that the geopolitical conditions, the awaited OPEC meeting and falling oil prices affect the market.
The industrial insurance topped the losing sectors falling 3.69%, followed by the media and building sectors which decreased 3.46% and 2.06%, respectively.
The petrochemical sector was also down 1.20%, followed by the banks and telecommunication sectors which shed 0.16% and 0.78%, respectively.
On the stock level, 12 shares levelled up, 154 shares levelled down and 3 shares remained unchanged.
The Saudi British Bank (SABB) topped the gaining shares rising 1.67%, followed by National Agricultural Development Company (Nadec) and Bank Albilad which gained 1.11% and 1.05%, respectively.
On the other hand, Wataniya Insurance led the losing stocks dropping 9.98%, followed by Filing and Packing Materials Manufacturing Co. (FIPCO) and Saudi Research and Marketing Co. which were down 6.32% and 6.21%, respectively.
Translated by: Sara Ghali
