By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday at a rise of more than 1.16% or 75 points, closing at 6,587.68 points.
Commenting on market performance, technical analyst Salem Shuayman noted that Tadawul’s performance was positive after surpassing the level of 6,531 points.
The general index grew 1.21% during the five-session week, adding 78.66 points with a total turnover of SAR 28.8 billion, while traded volume reached 1.73 billion shares exchanged through 654,870 transactions.
As for Thursday’s session, shares traded reached 421.8 million shares at a turnover of SAR 6.7 billion executed through 150,000 transactions. In addition, a total of 119 stocks were in the green, while 48 were in the red and only one company remained stable.
“The Saudi market’s challenge next week will be at the level of 6,666 points,” Shuayman added.
He noted that the level of 6,531 points is an important resistance level, and that having passed it, this level has become a support level for the index.
Should the index fall below that level once more, it will target the level of 6,430 points, the analyst said, but excluded that point, pointing to the rise in oil prices and the announcement of companies’ financials, both of which make traders optimistic.
Wafa Insurance registered the highest growth today, rising 10% to SAR 18.15, followed closely by Amana Insurance and Al Sagr Cooperative Insurance, which gained 9.53% and 9.47% to SAR 10.8 and SAR 39.8, respectively.
On the other hand, Al Hokair’s stock was the biggest losers, sliding 9.81% to SAR 39.8, while Saudi Arabian Cooperative Insurance (SAICO) and National Petrochemical Co. retreated 6.34% and 5.88% to SAR 16.1 and SAR 17.45.
Translated by: Nada Adel Sobhi
