By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) rose at the closing of Thursday’s session backed by oil gains.
The general index grew 0.61% or 40.62 points and closed at 6,694 points. Over 263 million shares were traded today at a turnover exceeding SAR 5.5 billion through 1,227 transactions.
Tadawul is set to see resistance at the levels of 6,750 and 6,800 points, respectively, said financial and technical analyst Mohammed Al Maymouny, adding that the market is witnessing an uptrend that may reach the level of 7,000 points.
The analyst attributed today’s gains to various factors, led by oil which increased to $46 per barrel on the back of retreating US supplies on Tuesday and Wednesday.
He noted that gains in oil prices often boosts the Saudi stock market.
Thursday’s session witnessed a rise in most of its sectors, led by petrochemicals and industrial investments, which were up 1.22% and 2.69%, respectively, whereas the insurance sector was the sole loser, falling 0.42%.
A total of 158 stocks ended at a rise, which 58 stocks retreated and 2 remained unchanged.
SACO led risers, surging 10% to SAR 96.25, followed by Mubarrad and Herfy, which increased 8.11% and 4.37%, respectively.
On the other hand, Amana Insurance and Saudi Enaya fell 6.03% and 3.78% to SAR 12.15 and SAR 13.65, respectively.
Translated by: Nada Adel Sobhi
