By: Waleed Abdul Salam
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closes in red on Tuesday, on the back of profit gaining.
The main index shed 0.10% or 7 points to stand at 6,896.83 points.
Traded values rose 18.26% to SAR 6.15 billion ($1.64 billion) compared to SAR 5.2 billion ($1.36 billion) on Monday.
Traded volumes also increased to 356 million shares compared to 354.5 million shares yesterday.
Tadawul kept on rising supported by the regain of the confidence in the Saudi market, surpassing the 6,700 points, amid waiting for changes in oil prices and how the OPEC meeting will end, technical analyst, Mohmed Al Maimouni, told Mubasher.
He added that the main index is still on the upward path on the long- and medium-terms, breaking through the average of 200 days and targeting 7,000 points.
The analyst noted that when the Relative Strength Index (RSI) reach levels of 70, it gives indications that profit gaining is approaching, which happened at the last hour of Tuesday's trading.
The industrial investment led the worst performing sectors and went down 2%, followed by the energy and building sectors which decreased 1.5% and 1%, respectively.
The media sector levelled up 18%, backed by the Saudi Printing and Packaging and Saudi Research and Marketing Group which advanced 1.21% to SAR 18.40 and 2.17% to SAR 33.40, respectively.
The telecommunication sector added 0.61%, supported by Mobily and Saudi Telecom Company (STC) which rose 2.3% and 0.33%, respectively, while Zain KSA and Etihad Atheeb shed 0.87% and 0.64%, respectively.
The real estate development gained 0.34%, after Jabal Omar Development and Al Andalus Property Co advanced 1.3% to SAR 75 and 4.7% to SAR 18, respectively.
Allianz Saudi Fransi Cooperative Insurance led the gaining stocks and levelled up 7% to SAR 28.2, while Malath Insurance Company topped the losing shares and levelled down 5.9% to SAR 7.8.
Al Maimouni expected that the market would witness more profit gaining, which is healthy for the market, and that the support zones will be at 6,800 and 6,850 points.
Oil fell below $47, amid news about the disagreement concerning the production.
Dar Al Arkan was the most active in both traded volume and values exchanging 95.9 million shares at a value of SAR 561.42 million, the stock lost 2.54% to SAR 5.75.
Translated by: Sara Ghali
