By: Thabet Shehata
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) maintained its positive performance for the second session in a row, backed by the petrochemical sector.
The main index added 1.08% or 59.41 points to stand at 5585.11 points.
Tadawul was able to continue its rise on Wednesday to compensate a part of its previous losses, technical analyst, Mohamed Al Maymouni, told Mubasher.
He added that the main index is currently in a vertical path between a strong support zone at 5,400 points and resistance zone at 5,700 points, noting that the market is still in a downward trend on the medium-term.
Traded value increased to SAR 3.5 billion ($933 million) on Wednesday, compared to SAR 2.84 billion ($757 million) on Tuesday.
Traded volume also hiked to 279.66 million shares after 204 million shares yesterday.
The analyst expected that the market would keep on in the vertical trend during the announcement of the financial results of the companies for the third quarter, adding that it is not easy to break through the resistance level of 5,700 points, at present.
The petrochemical sector led the gaining sectors advancing 3.36%, backed by SABIC and Saudi Kayan Petrochemical Company which increased 3.05% to SAR 84 and 8.89% to SAR 6, respectively.
The energy came on the second place adding 2.9%, supported by Saudi Electricity Company (SEC) which went up 3.2% to SAR 15.90.
The banks sector was up 0.21%, after Al Rajhi Bank which gained 0.58% to SAR 52.
The telecom sector decreased 1.24% after Saudi Telecom Company (STC) and Mobily which went down 2.04% and 0.96%, respectively.
Saudi United Cooperative Insurance Co. (Walaa) topped 133 gaining stocks advancing 10% to SAR 15.95, while Jarir Marketing led the 35 losing stocks slipping 2.46% to SAR 81.75.
The National Company for Glass Industries (Zoujaj) remained unchanged at SAR 15.25.
Alinma Bank was the most active in terms of traded volume by SAR 541.68 million. The stock added 0.53% to SAR 11.35.
Translated by: Sara Ghali
