By: Thabet Shehata
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) saw a positive performance last week.
The main index added 0.07% or 4.76 points to reach 6,921.6 points.
Tadawul's main index fell to important support levels in this week's trades at the level of 6,800 points and broke it, but it returned to above it again rapidly, which indicate that it was an illusionary breaking, technical analyst Abdullah Al Gabaly told Mubasher.
The analyst said that the market was expected to be affected negatively by the decision of the Fed's interest raise but the markets got the lesson early as it was expected.
Al Gabaly said that Tadawul is likely to preserve the positive performance through the next week to reach resistance levels at 7,200 points, which are considered the most important resistance levels in the coming period.
Breaking through the level of 7,200 points indicates that the market will record a new peak at 7,500 points, especially with the continuous increase in oil's prices, Al Gabaly noted.
Market value slightly decreased to SAR 1.624.74 trillion ($433.26 billion), compared to SAR 1.624.94 trillion ($433.32 billion) last week.
The telecommunication sector led the best performers and gained 1.97%, backed by Saudi Telecom Company (STC) which levelled up 2.24% to SAR 67.22.
The banks sector inched up 0.84%, backed by Al Rajhi Bank which rose 2.73% to SAR 64.70, while the National Commercial Bank (NCB) shed 0.48% to SAR 39.79.
The materials sectors also decreased 0.75%, after SAFCO lost 2.78% to SAR 68.30, while SABIC went up 0.63% to SAR 97.08.
Turnover shrank 6.6% to SAR 16.8 billion ($4.5 billion) from SAR 18 billion ($4.8 billion) last week.
Traded volume shed 0.33% to 888.85 million shares compared to 891.8 million shares in the past week.
eXtra topped gainers and surged 25.83% to SAR 35.22, while Aldrees recorded the highest losses and declined 10.93% to SAR 26.89.
Al Inma Bank was the most active in terms of traded value and volume exchanging 132.3 million shares at a value of SAR 1.9 billion. The stock rose 0.83 % to SAR 14.60.
Translated by: Sara Ghali
