By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday at a slight decline of 0.21% or 14.46 points to 6,805 points.
Tadawul’s general index is still in a rising trend, said market analyst Mohamed El Maymouny, adding that the market has strong resistance at the level of 6,900 points.
He added that one of the regular trends in the Saudi market is that it often sees profit-taking or correction or exchanging of positions when it is close to resistance levels.
Over 376 million shares were traded on Thursday at a turnover of SAR 6.7 billion through 158,000 transactions. A total of 88 stocks ended in the red, while 75 were in the green and 5 remained stable.
The analyst told Mubasher that he expects the market to rise, then see profit-taking at the level of 6,750 points, resulting in a decline. The market will then rise once more when it reaches the level of 6,700 points, which will become a support level instead of a resistance level, he explained.
Etihad Atheeb Telecommunication (Go) led gainers, surging 9.76% to SAR 4.5, followed by Saudi Advanced Industries Co. and Al Babtain, which grew 5.58% and 4.61% to SAR 12.1 and SAR 31.1, respectively.
On the other hand, Arabia Insurance led fallers, sliding 8.72% to SAR 10, followed by Wafa Insurance and Wafra, which retreated 7.38% and 7.11% to SAR 19.45 and SAR 28.3, respectively.
Translated by: Nada Adel Sobhi
