By: Thabet Shehata
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended the first session of the year on a positive note, backed by the petrochemical sector.
The main index added 0.38% or 27.52 points to reach 7,237.95 points.
Tadawul saw a horizontal performance between the support level of 7,160 points and the resistance level of 7,250 points in the first session of the year, technical analyst, Amer Al Shehary, told Mubasher.
He added that if the index succeeded to stand above the first support at 7,160 points and the second at 7,075 points for three to four sessions, it might be led to new peak at the level of 7,300 points.
Turnover marginally decreased to SAR 4.46 billion ($1.19 billion) compared to SAR 5.4 billion ($1.44 billion) last session.
Traded volume also fell to 264 million shares compared to 309.74 million shares on Thursday.
The media went down 2.2%, while the banks sector shed 0.21%, affected by Al Rajhi Bank which lost 0.54%.
The hotel sector hiked 5.6%, after Al Tayyar Travel Group levelled up 7.47% to SAR 39.40.
Al Shehary said that the market is expected to see good performance in the first quarter of the year, amid positive results of most of the mega companies, especially SABIC and STC, adding to a number of banks.
The petrochemical sector went up 0.41%, after SABIC and SAFCO rose 0.01% to SAR 91.50 and 2.48% to SAR 76.50, respectively.
The telecommunication sector achieved the least gains adding 0.16%, as Mobily and Zain KSA rose 0.46% and 0.72%, respectively, while Saudi Telecom Company (STC) shed 0.07% to SAR 72.50.
Tihama Advertising led the worst performers and dropped 9.89% to SAR 30.60.
Dar Al Arkan was the most active in terms of traded volume and value trading 73 million shares at a value of SAR 525.6 million. The stock added 0.65% to SAR 6.20.
Translated by: Sara Ghali
